It all comes down to the strength of PVD claim for the second...

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