UPDATE 2.25pm: Shares in Carnarvon Petroleum jumped after the company announced imminent drilling at the Phoenix South-1 well in the WA-435-P permit off the North West coast.
Carnarvon said joint venture partner and operator, Apache Energy, had advised that the Atwood Eagle drilling rig was expected to be mobilised to the location on Thursday.
"Drilling is expected to start approximately five days after the rig has commenced its mobilisation from the previous location," the company said.
Drilling at Phoenix South-1 well was delayed earlier this year because of Apache's operational timetable incorporating their other projects.
Carnarvon is a 20 per cent holder in the WA-435-P permit, with Apache holding 40 per cent and JX Nippon and Finder Exploration each holding 20 per cent stakes.
Carnarvon shares closed up 0.6 cents, or 6.98 per cent, at 9.2 cents after hitting an intraday high of 9.7 cents.