Actually to me it looks as though the financials were based off...

Actually to me it looks as though the financials were based off 50% of Derby!
They stated they'd need $3M from the 15 months to June '16.
They specified $2.7M for 100% of the seismic in the OXX farm in. Like all official work commitment figures that is low. That's about the per km cost of the Coastal Canning survey that went along the side of the highway. There will be a lot more in the way of line clearing and mucking around in Derby.
Also 15 months of admin fees is ~1.3M. Put those together as a minimum and you're talking $4M. With 50% of Derby you're talking $2.65M with $350k of contingency in the $3M figure to run every other facet of things and cost overruns which is reasonable. To me it looks like it was done on 50% as 4 is a bigger number than 3.

They're going to have to fiddle around with things. They were happy with 37.5% of Derby in their own OXX/BOPL/OBL proposal. That would bring their seismic cost down from a minimum to $1M from $1,35M and bring in $875k based on the several sale prices for percentages. They should also cut admin costs by 50%. This would take the 15 month costs from $2.65-$3M to ~1.66-1.9M and with $875k from selling 12.5% they would only need to raise about ~1M.. which is obviously 3 times easier than $3M. I would highly suggest some level of finagling along these lines but not necessarily these specifics.