** Shares of Australis Oil & Gas ATS.AX rise as much as 92.3% to A$0.025, on track to record its best day ever, if trend holds

** Stock at its highest level since October 2023

** ATS partners with an established U.S. oil and gas co for development of Tuscaloosa Marine Shale (TMS), an emerging oil shale basin in the U.S.

** Co also agrees to sell its 90% of working interests in existing TMS producing wellbores for $16.9 million

** Nearly 9.9 million shares change hands, 8.3x the 30-day average volume

** Stock has risen 177.8% this year, including the session gains

(Reporting by Roshan Thomas in Bengaluru)

((Roshan.Thomas@thomsonreuters.com;))