Roc and partners reported oil shows at the top of the main reservoir target at 1200 metres but Roc CEO John Doran cautioned against speculation until wireline logs had been run.

"Investors should be made very aware of the fact that, while the presence of oil shows in the upper part of the reservoir target may be regarded as encouraging, it is not possible to make any meaningful comment about the significance of the shows on the basis of such preliminary information.

"At the end of the day, you can't sell oil shows; you've got to produce the stuff," he said.

In mid-morning trade, Voyager (5%), Norwest (5%), Roc (30%), AWE (27.5%) and Arc (7.5%) had all put on healthy gains in a weak market that had dropped 16 points.