Bannercheck - Ok ... I have re-read the announcement and yes you are right. They mention royalties but it's on a separate mining lease from 2009. As you can see Exco expects the royalty to generate "gross cash to Exco of around $30m over the next 4 years".
Fluffy - Thanks fluffy! I hear what you're saying, but personally I'm very much looking forward to those franked divvies myself. (: