Borrks, just to clarify KEY has not farmed out their share at all. We retain our 50% share and have to outlet 50% of costs for Waugh #1. According to the DMP website the work commitments for EP437 is the drilling of one well at an approximate cost of $1.5m, so $750k for KEY's share.
It's the nameless company that have farmed out to Caracal Exploration Pty Ltd, a company incorporated on 24/7/12 with their registered office in Herdsman, WA according to the ASIC website.
farmout ann., page-5
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