The warning was made after the ASX took issue with a reserves figure published by CityView earlier in the month.

Leading up to the drilling of the Telaga-1 well, CityView published a figure saying the total hydrocarbon reserves are estimated at 37.0 MMBO + 167.0 BCFG."

The ASC said "for the purposes of listing rules 5.11, 5.12 and 5.13 we request the Company to provide a competent person statement in respect to the hydrocarbon reserves."

CityView subsequently responded by qualifying its reports and stating they had not been correctly verified.

It said it had released the material provided to it in good faith but warned investors that the estimate of hydrocarbon reserves had not been verified to the satisfaction of Australian Stock Exchange.

Currently the Telaga well is at 4,795 feet and reaming the hole.