Ok, so if we say on the basis of shells 60m farm out for 45% and don't assume anything for the find but 1.33 mil usd per percentage point, it would come out to 100 million usd for 75% or just over 140 million aud - approx 2 cents max?
So maybe half for a free carry and some additional points for cash? The bigger prize would be a discovery but i guess its the usual risks also.
Graff -.2, page-39
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