Yes I noticed that too. I'm not sure what he is assuming that huge development spend, and it's development so not exploration. These development wells would be covered under it, as would a new PV well that would need to be 50% funded by CTP as opposed to 25%.
He's assumed about $40M above the baseline development spend over 3 years, assuming half at Mereenie at 25% and half elsewhere at 50% that's $120M total development spend for the JV. Seems much too high for 3 wells. The helium plant would be turnkey if it ever happens so it's not that.
Other than that I think these Bentley reports are very good.
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