Jordy,Still listed with the Australian acreage on the...

Jordy,

Still listed with the Australian acreage on the website.

Frieda,

TSV is the company that has the most public information for Warro, they hold 35%. I had another look after my last post, and there is some recent broker stuff on their website. I was put off the company in the past due to the complexity of the promoter/backer involvement when TSV held 10% and these private interests 25%. Seems a lot simpler and shareholder aligned now that they've merged the two. They have whats left of up to $100mm free carry from Alcoa for it's 65%, so it's a pretty significant project. Also there MD has credibility, although not so sure about some of the original backers/promoters.

CVN needs no involvement, bar hopefully eventually collecting revenue, as it's only an ORRI interest.

The potential is over 1 tcf, so we could if they can commercialise it, then we could end up with an over 25 bcf interest at $8 per mcf, or a $200mm in ground resource with zero capex, zero opex. NPV could be well over $100mm, most of our current mc, if everything went ideally.

Imho CVN should be noting Warro status in each QR atm.

EL