Looking at one of your points -"...last year they spent $26.4 on...

Looking at one of your points -
"...last year they spent $26.4 on under 6 net wells ie av $4.2 each...double what they shld...."

The cash flow statement re y/e 31.12.13 shows

Exploration, evaluation,development $26.4.

The AZZ presentation at 1.5.14 includes -
Sthn. Star 4 wells drilled over the last 12 mths - 54 wells now producing.
N.Star 3 wells drilled over past 12 mths with 6 wells now producing.

I wld. have thought that the $26m included quite a bit spent on maintenance of the over 50 producing wells pls sundry " exploration"

I agree that the A/Cs at 31.12.13 wld. have looked very different - no profit - if they had not been prepared on the assumption that the $300 m sale wld. go thru although this wld. have been known when they were prepared.