Not a bad plan - fund the drilling of a well, if there are no gas shows, you walk away. If there are gas shows you test it, and complete the well for an extended production test. The $11M sounds like a lot but realistically they only pay the full amount if it's a success.
But as has been pointed out, this together with the follow up work that will be required for Jaws in a success case means a fairly major capital raising on the horizon.
Ann: STX Acquires Interest in Highly Attractive Perth Basin Block, page-17
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