Ann: Letter of Intent for $100m Northern Territory Farmout to AEP, page-4

So AEP would get 75% plus operatorship of 21.5 million acres for US$100m .

Armour have spent almost $100m to date themselves .

So after phase 1 both parties will have spent a similar amount but AEP will have got three times as much for their money as Armour .

I guess that shows why Aubrey McClendon is a billionaire and Nick Mather isn't .