The 'average' cost of gas exploration well as published in Australia Petroleum Production and Exploration Association for an 'on shore' in Queensland was $3 m and South Australia was $6 m in 2014.
For 'off shore', only information available was for WA more than $ 75 m - $90m in 2014 money (could be for deeper water),
Although the exploration cost did drop a bit in recent years, the $50 m per well won't be far off, and a bit less for 2 due to establishment cost.
Hmmm...., page-11
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