I don't know of any company that goes into a trading halt to announce bad news, they tend to just release it covered in lots of hope for other projects.
This is the news expected, they have hit oil at #### metres deep. A company doesn't go into a TH until they have news, they don't go into one because they are expecting news (like drilling results), so they have probably hit oil a little earlier than expected, or drilled faster than expected to reach depth.
A couple of days to prepare the announcement and learn as much as they can about what they have.
@psi81 and
@Ya are to ones that can tell us what they are likely to learn.
I'm new to Carnarvon, only bought in the last couple of days as the opportunity looked too good to pass up plus I'm extremely bullish on the oil price over the short term.
(20min delay)