Chevron have only spent $190 million so far for Stage 1. They have until 31st March 2015 to decide to spend a further $124 million for Stage 2. Completion of Stage 2 will require another bonus payment of $35 million.
There's your $350.
It's the decision to proceed with Stage 2 that these articles are saying there's doubt on. That would be leaving $190 million on the table. In the Australian article, it did say "it should be noted not all analysts on the tour came away with a view that there was heightened risk Chevron would walk."
Another $124 million isn't much for Chevron if the current fraccing results show promise.
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