Carnarvon Petroleum (ASX:CVN) has told the ASX that it is unaware of any reason for the increase in its share price to an intra day high of A$0.165 today from A$0.11 on 17 February.
Carnarvon had recently flagged it would carry out a sandstone reservoir drilling program over its Thailand assets in the current quarter.
This is aimed at maintaining or growing oil production rates and will be complemented by its investigation into the use of modern technology to minimise the effect of water incursion.
It added there was strong interest in the farm-out of its Phoenix gas target off Western Australia that could have 5.5 trillion cubic feet of in-place gas.
The field in WA-435-P and WA-437-P was discovered in 1980 by the Phoenix-1 well.