Ann: Sasanof - 1 Well Fully Funded, page-14

I'm sorry but this ridiculous.

Private companies basically never go solo on drills, same as listed minor explorers. Look at MAY, IVZ, WGO, STX (with the exception of South Erregulla, but they could only solo due to their previous succesful JVs), NWE, MEL, TAL so on, with the likes of PCL looking for farm ins.

The rare exception at the moment is 88E, but they too were JV'd, just no one else is interested in their water well now.

It's pretty standard for 50-75% for a free carried drill, which is what Western Gas were looking for, nothing ridiculous about their asking price. Not many interested in offshore Gas in WA though, with the Perth Basin currently looked at as a much cheaper to explore and extract play.