Bob,
Cal 1 is in fact an "honorable and honest soul".
That $40-50 million was just a quick estimate of what it would cost, based on past MEO drilling costs, to drill the 20+ 2 deep wells that were purposed in a MEO NR some time ago, but unfortunately like so many other things seems to have gone by the boards of late.
Unfortunately Cal 1 hasn't posted here in some time, but if you're interested can be found elsewhere.