clearing up the (deliberate) confusion, page-16

"their farm-in announcement says they are committed to $5.6m under the 40% deal, with any additional costs being dealt with on a proportional basis to their percentage stake.
And they say these costs are on a dry hole basis. If a discovery is made it's going to cost more to test the well.

So call it $5.6m for now."

See how he conveniently ignores the estimated drill costs, and twists the $5.6m cap on 40% costs agreement to suggest 'a commitment to spend $5.6m'. Feel sorry for you Aussies, you are stuck with him (he was banned from LSE).