qgc takeover, page-42

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