The reservoir interval in Warro-4 was intersected at 3,750mRT, with 387m of the formation being drilled. Approximately 230m (YES 230) METRES)of potential reservoir sandstone was encountered with STRONG hydrocarbon indications seen across the interval. Detailed petrophysical work is in progress to identify the most suitable zones for fracture stimulation and more detailed information on the well results will be provided once that work is completed. Importantly, Warro-4 was drilled without incident and was completed ahead of schedule, almost 25 per cent faster than Warro-3 (with non-productive time removed). This achievement highlights the fact that costs will continue to fall as the Joint Venture gains more experience and achieves better efficiencies of scale. The Warro Project The Warro field was discovered by WA Petroleum (WAPET) in 1977, with independent industry expert, Gaffney Cline, estimating it contains a P50 recoverable resource of 1.1Tcf (trillion cubic feet). Gas in place is estimated at 8-10 Tcf. Warro-4 is being funded by aluminium giant Alcoa, which is earning a 65 per cent stake in the Warro field in return for spending up to $100 million on appraisal and development activities. Transerv will retain a 35 per cent stake and is operator of the project.
This is a VERY EXCITING outcome.
TSV Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
