Ann: Invictus Energy Corporate & Operational Update, page-194

The well costs are very much a yardstick for any JV partner so they know what they are getting into. IVZ hasn't proven at all that drills can be drilled at a reasonable price or said infrastructure to be built for a reasonable cost. These are the numbers that JV partners would be looking at whether to commit funds or not if they can't get a feel on how much its going to cost they will run scared hence why well costs are the only thing they have at the moment to get a feel of what things are going to cost in this country. If you add up everything raised in the past 6 years it will come close to this 115 million dollar figure