Ann: Placement and Rights Issue, page-68

Say PEP11 cost $20m to drill - Advent will be up for 85% of drilling as BUY owns the remaining 15%
Of that 85% Advent owned share, BPH will own 36% - In turn they pay for 36% of the 85%.
It is also possible a oil major or even super major could buy (Farm in) into PEP11 and basically pay for drilling to secure a stake in PEP11. Check out what happen to CVN when (APACHE Energy>Quadrant Energy then Santos bought it) farmed in with wildcat Dorado just off Pt Hedland in WA.
Aus is the largest LNG producing nation in the world. So the knowledge is already here in the country with bugger all sovereign risk. So I'm speculating there would be interest from some of the Aus gas players.
Makes sense they don't have to worry about exporting it when they can simply build onshore infrastructure or use a FPSO and hook up to the pipeline infrastructure already spanning the east coast.