UK-based oil and gas explorer JKX Oil & Gas posted a 6% rise in output last year and aims to double production by 2011.
The company said it plans to invest $230m in its Russian and Ukrainian operations in 2010, following a fundraising in January.
Average oil and gas production for 2009 stood at 11,665boepd compared with 11,012boepd the previous year.
The company aims to increase its production to 20,000boepd during 2011.
JKX reported a pretax profit for 2009 of $119.3m, compared with $127.6m in 2008.