brief update & feedback on breakeven analysis, page-20

Hi Thrumy, thanks very that very detailed discusssion / analysis. Very good to hear it is all going to plan at this stage.
Just one question please. When you say..."BPT have no pending acquisition cost and due to the geographical location, only have one family affected, with whom they have had happy relations with for many years and already have a payment system in place. So, we now have $3.20 less 100% of acquisition costs and circa 75% less net royalties."
Is this suggesting that $3.20 / mmbtu less those costs = how much approx ? (ie) $2.60 / mmbtu ? and does that mean that with current wholesale gas prices at say $4.60 that we have a margin of 76% based on those numbers (ie) $4.60 - $2.60 = 76% ? I know these numbers are a complete stab in the dark but is this the approximate sort of suggested cost price due to the lack of acquisition and royalty costs ? If so then the economics of it appear outstanding - not marginal. ???

Got a feeling I am wrong on this, or that the acquisition / royalty reduction is far less than that, but any clarification or thoughts would be appreciated.

For me the mkt has likely been marking this down a bit on the potential for marginal economics so if we can categorically remove that issue then this is becoming extremely de-risked and should be close to a significant re-rating if fracking continues as planned IMO.