CorrectHowever, on Dharoor once $22.5M is spent on exploration...

Correct

However, on Dharoor once $22.5M is spent on exploration then Range has to pay its percentage on further costs, even if that means pre drilling.

The Nugal exploration starts the process all over again

So in reality if AOC spends their $22.5M prior to drilling then AOC is deemed to then "own" 80% of the basin and Range must then pay their 20% of further exploration costs even if drilling hasn't commenced.

Smart cowboys these Swedes to possibly own 80% prior to drilling, not just a tenent trying to own the property!!