Wide Open Agriculture (ASX:WOA) completed initial trials of a low-cost lupin oil extraction method that preserves the oil's natural nutrients and bioactive compounds, according to a Thursday filing with the Australian bourse.

Larger trials are planned to produce sample volumes of lupin oil for market development and customer testing in the coming months, the filing said.

The company plans to continue developing co-products to establish a "whole of seed" business model, incorporating the results of the trials into a feasibility study, per the filing.

Shares rose nearly 11% in afternoon trade Thursday.