So the well was shut in for pressure buildup testing for 3 days, and now the flow is slightly less than before. However, they explain how the choke has been closed to give them a more stable rate, therefore this new rate can't be compared with the previous flow rate.

WARRO 3 – FLOW TESTING UPDATE 3

Flow testing of Warro 3 recommenced on Monday morning after a 3 day shut in period for static pressure testing. The well continues to flow substantial quantities of natural gas and fluids during this well clean up phase.

Over a 15 hour period of flow testing up to 6am today on a choke of 40/64ths, the well flowed an average gas rate of two million cubic feet a day (2.0mmcf/d), with a fluid flow rate averaging 550 barrels per day and a well head pressure of 450 psi.
The Operator is keeping the choke at 40/64ths to maintain optimal flow stability through the gas/water separator unit. Accordingly, we are unable to obtain a current flow rate at 58/64ths choke to enable a like for like comparison with the flow rates detailed in our previous updates.

The rest of the news doesn't format properly when I paste it, so you can read it here:

http://www.transerv.com.au/images/st...

-------------

It's interesting that during this entire period of testing, the stock price has hardly moved, although the volume was very high on the first day, with +58 million shares traded. The company has 814 million shares. And some people think Falcon has too many :)

For comparison:

Their current market cap is $21 million (Aus). The field has an estimate of about 1-3 TCF, and Transerv has 10% interest.