EX-tropical cyclone Olga is well on her way to becoming a fully-fledged cyclone again by late today or early tomorrow. A cyclone warning has been issued for coastal and island communities from Cape Shield in the Northern Territory to the Gilbert River mouth in Queensland.

Currently a tropical low, the weather system is near stationary 55km west of Borroloola but should start moving offshore into the Gulf of Carpentaria this afternoon.

It is expected to reform into a category one cyclone by 4pm today, or early tomorrow.

Gales with gusts to 110km/h are expected to develop between Port Roper and Gilbert River mouth late Friday and heavy rain is forecast to lead to significant stream rises and flooding of low-lying areas.

Since 9am yesterday, the Gulf communities of Mornington Island and Burketown have received in excess of 100mm.

Last Sunday, Olga crossed the far north Queensland coast as a category one cyclone but caused no significant damage.