tas,
you are a bit mistaken i think.
qgc paid $18 million for 20% which would value ctp's interest at $90 million (fully diluted = 22.5c per share)
the $170 million is qgc's share of the drilling costs on all of ctp's tenements (40% of costs to earn 20%)
ctp's share of the drilling costs under the agreement would be $255 million (60% of costs and retaining 80%)
these costs are calculated over all the tenements and qgc may only be interested in 1 or any other number.
so it may be best to forget costs and use the $90 million as your reference point.
cheers
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