The ASX noted that Purus’ share price jumped from 16c at the close of trading Monday to a high of 21c yesterday, in addition to an increased trading volume. At 11.30am (EST), the company’s shares were trading at a more modest 18c.

In a response issued this morning, Purus said it did not know the reason for the share price increase, but pointed to an announcement made last week advising the market that “while testing was being carried out, it would be some time before results are known”.

Immediately following this response, the company released an update on its current activities in the Gordon and Hawkesdale CSM project areas.

It said the UDS rig has now completed coring of Hawkesdale’s PHE-2 well, in which a 3.9m cumulative coal thickness was intersected. A gas kick was also encountered during permeability testing of this coal. Permeability tests, which were suspended due to technical difficulties, are expected to resume later in the week once final wireline logging is completed. Purus said permeability results from this well were expected in the next four weeks.

“Although the presence of gas in can be regarded as generally favourable for exploration, no quantitative data on the coals such as gas content, wireline logs or permeability is yet available PHE-2,” Purus said.

Meanwhile, the Mitchell Rig No. 124 is currently drilling the PHE-3 well to a planned total depth of 110m. The results from the hole will be correlated with the other wells in the area to determine the probable extent of the coals in the Hawkesdale area, the company said.