The shares of junior oil and gas company Carnarvon Petroleum Limited (ASX: CVN) rocketed higher by an incredible 50% to a new 52-week high of 15 cents in morning trade after emerging from a trading halt.

The reason for the rampant buying of Carnarvon Petroleum’s shares today is down to a positive announcement regarding its activities in the Bedout sub-basin of the Roebuck Basin.

The announcement reveals that the Roc-2 well test successfully flowed gas and condensate to the surface over the course of a sustained test program. Flow rates and reservoir pressure conditions were well ahead of expectations and the test confirmed a quality conventional reservoir that flows strongly without intervention.

Another big positive for the company was that gas and condensate ratios came in at the high end of the range of pre-drill estimates.

According to the release the well flow tested at rates up to 51.2 million standard cubic feet per day of gas and 2,943 barrels of condensate per day. This works out to be approximately 11,500 barrels of oil equivalent per day.

Carnarvon’s managing director Adrian Cook was understandably very pleased with the results. He stated that:

“We are very happy with the Roc-2 well flow test results which are at rates that are significant in our industry. There is great potential within this basin for significant hydrocarbon volumes to exist as I have referred to on numerous occasions. These results provide Carnarvon and its partner with enormous blue sky potential and a platform within the Phoenix South and Roc area in which to test and develop this potential.”

Clearly this is a great breakthrough for the company and makes it an interesting investment alternative to industry peers Woodside Petroleum Limited (ASX: WPL), Santos Ltd (ASX: STO), and Beach Energy Ltd (ASX: BPT).

But at this stage it is a little too speculative for my tastes. So I would suggest investors sit this one out and just add it to your watch list for now.

Instead of risking money in Carnarvon Petroleum I would suggest investors take a look at these exciting shares. Each could be just what your portfolio needs to take it higher.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.