The rig is being moved and rigging up at the site is 65% complete, with the Cobra-1A well scheduled to spud next week.
Drilling at Cobra-1, in petroleum prospecting licence 190 about 13km east of the SE Gobe oilfield and 7km east of the Bilip oil discovery, was halted in February after some subsidence was observed at the well site.
The well targets the Iagifu sandstone, which is the principal reservoir in the Gobe and SE Gobe fields, in a seismically-defined sub-thrust prospect.
Cobra-1A has a planned total depth of 3100m.
Participants in the well are operator Oil Search (62.556%), Murray Petroleum (26.497%) and Cue Energy (10.947%).