The wells at 75m each is about right for oil wells of this complexity...
~ $20-30 million in completions hardware, another 10 million or so in other long leads (casing/ production wellheads etc), 25 days drilling vertical section / kick-off section, 10 days horizontal drilling, 10 days running completions. 5 days commissioning. 10 days to allow for mechanical delays/contingency. So that is 60 days per well as a rough estimate based on similar wells I've seen. Horizontal wells shouldn't be underestimated they are an order of magnitude more complex than a vertical well. The S400 wells from what I can find sound stupidly complex, so I'd be estimating those at closer to 100 million if a long single zone, 120 if multi-zone depending on how much they are planning on trying to deal with water breakthrough along the length of the well. I'd point to around page 90 of the environmental plan where woodside explains the first S500 wells will be continuing appraising the S400s. To me this makes it sound like there is a lot less certainty on the S400s than people realise.
FPSO upfront cost should be minimal - as they are going for a leased FPSO I'm expecting 300m upfront for the parts of the conversion that are specific to SNE oil. The only reason to go for a leased FPSO is if there is uncertainty in field life, you pay less upfront. In a 30 year development, a leased FPSO is a waste of money, you own it.
SURF is Subsea Umbilicals Risers and Flowlines, hard to estimate at this point. As a geologist, I understand the drilling side of things far better than the subsea infrastructure, so much depends on chemistry if certain alloys need to be used or if you need heating etc. But this aspect is never as cheap as you would expect.
As for management costs, these numbers seem extreme, generally most operating costs are OPEX, the JV will be paying for a team at Woodside to look after the field / understand it etc. (most JV partners will do basic work to assure the work internally, but everyone pays the operators cost to do this for the JV) Management costs otherwise generally come in as parent company overheads in JOAs, which effectively sit under OPEX. The only way to get standalone management costs of this magnitude would be if the operator wasn't in the JV but had a certain liability on performance. But it isn't Woodside's business model they are just the operator of assets they have a stake in.
Either way, the best way to do economics on phase 1 is to just assume $3 billion capex as per the previous guidance, take the production profile from page 90 (ish) of the environmental plan. I really don't get why people try to reinvent the wheel, the guidance is there, and frankly it is marginal enough that financing deal will make or break FAR as an investment at the current share price. Key aspects for me are: 1) oil price to create a 10% ROI for shareholders at 2P / 1P production profiles, 2) minimum oil price that allows FAR to service debt at 1P / 2P profiles (protection against forced CR at the worst point in the cycle).
And as much as people say the future phases are where the value is in SNE, if financing cannot stack up for phase 1, debt for phase 2 is required not long after Phase 1 RFSU. The production profile form the environmental plan tells a huge story.
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