report is very positive. if i posted its comments on warro,...

report is very positive. if i posted its comments on warro, people would be complain about ramping... so here goes anyway

Warro 3 appraisal well at the Warro Gas Project was spudded on 30 January 2009 and reached its total depth of 4,280mRT on 13 March 2009.

Electric logs indicated a potential net pay zone of 280m from a 500m gas column.

Strong correlation in Warro 3 gas shows to Warro 1 and 2 drilled in 1977 confirm continuity of the reservoir structure.

Pipeline licence is granted to facilitate the transportation of gas from the Warro Project to the Parmelia and Dampier to Bunbury gas pipelines.

Completion of a 6 stage fracture stimulation program across Warro tight gas sands/reservoir in April 2009.

Confirmation of high quality, pipeline specification gas.

Flow testing commenced in May, with results including a 4.5 mmcfpd flow rate for 8 hours waterfree, confirming the potential of the well.

Untested upper reservoir gas sands in zones 7 and 8 to be fracced and flow tested in September, these sections have similar characteristics to zone 6 with a net pay zone 3.5 times greater.

Transerv holds a 10% direct interest in the Warro Project, and is free carried for the first $40m of project expenditure.

Start lining up at 4 or 5 cents and you might have a chance!