go it alone, page-5

Zadig,

I think your A$50m estimation is on the high side. It costs ~A$500k for a vertical well and ~2m for a long horizontal. For A$50m you are talking about drilling ~20 wells which is too many for testing. Testing involves 3-5 wells depending on the technique. I agree with you that $10m is probably not enough, but it should be adequate for a couple of years if they sign a decent JV partner who will pay all the costs to farm in. You also forget that revenue from Gazonor will contribute to operating expenses.

RB