James, this is copied from the June Quarterly report.
Warro Gas Project Update Following the completion of the interpretation of the reprocessed Warro 3D by a team of tight gas specialistsin the US, two priority areas for well locations have been selected and are designed to test areas of the field largely unaffected by faults and fractures. Drilling is now targeted for early to first half 2014 to coordinate with drilling and fraccing programmes currently being scheduled in the Perth Basin by other operators.
The Joint Venture partners, Transerv and Alcoa are continuing to advance the planning and design of the next phase of drilling and testing program at Warro and are working together to finalise funding arrangements for the next phase of the appraisal drilling activities in 2014. Transerv currently has a 57 per cent stake in Warro and is the project operator. Alcoa is earning up to 65 per cent under a farmin agreement, in which Alcoa will spend up to $100 million on exploration and development at Warro. Alcoa is funding a staged program which includes the drilling of further wells and constructing production infrastructure
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