Shares in British company President Energy continued their rally Tuesday after announcing the first ever oil discovery in Paraguay.

President Energy, trading on the London stock exchange under ticker symbol PPC, were up nearly 10 percent to $53.04, one day after share prices soared 76 percent on word it made the first oil discovery ever in Paraguay.

The London-based company said the discovery in the Lapacho well has commercial potential, with an estimated reserve base of approximately 200 million barrels of oil equivalent.

Company Chairman Peter Levine said in a statement announcing the discovery President has shown "beyond doubt" that oil exists in Paraguay.

"This discovery represents a significant milestone," he said Monday.

The discovery was made before drilling reached its target depth, suggesting the find may hold more reserves than expected.

The company said the first phase of production from the Lapacho well is expected to begin next year.