Yeah I know that's STX's figure. I think it needs to be kept in perspective though.
That figure was when they thought they had "dry gas-saturated coals" so water handling adds significantly to that cost, and it also seems to be a D&C cost rather than drill, complete and connect (and as I said previously it's the connection cost that really hurts in Qld).
Then of course you've got surface infrastructure, camps, funding costs, and all the rest. Personally I think the full-cycle cost will come in significantly above $3.5M per well. More like $5M is my feeling.
But at 90% saturation it wouldn't really matter. Either scenario should be economic if the permeability is sufficient.
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