"Tellus will transfer a 50% interest to Senex for consideration...

"Tellus will transfer a 50% interest to Senex for consideration of $3.5 million towards the cost of drilling the Pirie-1 well. Senex will earn an additional 20% interest through funding a second well in PEL 105 prior to 30 June 2014 and will assume operatorship of the permit."

well well well, we've been duped.

well done Tellus. Better deal makers than AKK clearly!!!

Doubled the original earn in for 50% from our $1.75 free carry to $3.5m, and just 20% more for a full new well drilled.