Ann: Warrego and Alcoa Sign Long Term Gas Sales Agreement, page-127

Facepalm.

21 for the total cost of one well. Two wells based on that figure is 42m. Half of 42 is also 21, which is what each company would require for the next two wells, which is at least 6M more than WGO have in the bank. The positive is that WGO’s two biggest shareholders are in charge and wouldn’t want dilution, so can assume they will seek the least dilutive means of raising the cash, CR or otherwise.

As mentioned could be some discount due to multiple wells planned, better understanding of the drill and what to expect.