Ann: Continue Suspension of Securities, page-15

It all comes down to the strength of PVD claim for the second well.  The figures do seem to bounce around about the cost of the first well.
I just read an old article from the SMH that the deepened well was to cost US $136m from the US $215m farmout deal, that would have left US$79m. Current US to AUD gives us AUD $104 to bargain with.

Fifty cents in the dollar seems good to me.

Remember Damon Neaves remuneration has a component where he gets a percentage of any deals done which would give him the  incentive  to get the best deal.

the Managing Director’s remuneration arrangements have been varied as follows: (a) base salary has been reduced from $385,000 to $300,000 per annum; (b) all short term and long term incentive awards under the Company’s remuneration policy have been suspended and incentives have been restructured so that the Managing Director may receive a percentage of cash received in respect of farmouts, asset sales and other cash generating transactions relating to the Company’s existing and future asset portfolio. Any payments are capped at a maximum of 2% of cash received, reducing incrementally over three years to 0%; and