Because the commerciality of the project is not priced in at 7c. If we can flow at commercial levels from a vertical well, we know that the project is viable and money is to be made.
The second well will probably perform better, since it is targetting larger areas in every zone and therefore gas will flow to surface at higher rates.
Not an expert, but it is my understanding that if appraisal wells are drilled wide enough to allow future production, appraisal wells can be converted in production wells. The can do this through installing production tubing, casing, and other equipment.
General chit chat thread., page-3299
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