Shares in Carnarvon (CVE) were trading down 5.1% or 3c yesterday afternoon at 5.6c. They recovered slightly to open this morning at 5.8c.

According to various media reports, military tanks and armoured vehicles rolled into Bangkok on Tuesday night night and surrounded government offices, including those of Prime Minister Thaksin Shinawatra.

“I declare Bangkok under a severe state of emergency,” Thaksin said in a voice broadcast on Thai television.

Thaksin, who was attending a United Nations summit in New York, ordered troops not to “move illegally” and told armed forces chiefs to report to acting Prime Minister Chidchai Vanasatidya.

Yesterday the army forced the closure of the Stock Exchange of Thailand, government departments and Thai banks.

Carnarvon is a 40% stakeholder in the onshore Wichian Buri oil field in central Thailand permit L43/44, which is operated by Pan Orient (60%). Carnarvon also has a 40% interest in neighbouring permit L33/43.

At Wichian Buri, the company says its POE-6 well had so far reached a depth of 643m and was drilling ahead to a total depth of 1100m.

The well is located 500m north and 35m structurally updip from WB-3, a well drilled in the late 1980s that flowed oil to surface from a thin oil column over water. POE-6 will test a large area of possible reserves in a separate fault block to the west of the main Wichian Buri field.

A successful discovery could add significant additional reserves to the greater Wichian Buri field, Carnarvon said.