Australian company Carnarvon Petroleum has entered a trading halt ahead of an announcement related to the Phoenix South-1 well which is being drilled off the coast of Western Australia.
The Australian Securities Exchange granted Carnarvon's request for the trading halt on Thursday until the 18 August, unless an announcement is made earlier.
The Phoenix South-1 well is being drilled by US independent Apache in WA-435-P and has encountered hydrocarbon shows while drilling.
Carnarvon revealed earlier this week that the joint venture partners would make a decision whether or not to drill deeper at Phoenix South following further evaluation of the formation.
Carnarvon has previously assessed Phoenix South as a multi-trillion cubic foot gas prospect that is in proximity to proven gas in lower Triassic reservoirs in the existing Phoenix-1 discovery, which lies about 13 kilometres to the north.
Apache operates WA-435-P with a 40% stake and is partnered by Carnarvon, Finder Exploration and JX Nippon which each hold a 20% interest.