It is but MST is assuming they are unsuccessful. If the first well was unsuccessful they would P&A that and not drill the second, the total cost would only be the drilling cost of one well. No completion or connection costs.
The $30M is the full cost to drill, complete and connect two wells ie assumes both are successful.
$2.8M grossed up is $11M which is probably about right to cover the cost of a P&A well, but I think it is still an underestimate because there will still be other exploration and development costs for the year. Although I've been out of O&G a few years now so i don't have a good handle on drilling costs since inflation took off.
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