I have been following Magnum Resources for the past few months, as they seem to be a very successful operator in the Marcellus shale in US, and was kind of hoping this was a Falcon announcement, but still a good read. They talk in the article about fracking costs being 3 times what they are in the US, but a big portion of that is scale. The US fracking/drilling industry is massive and has competition - whereas Australia is still at the very beginning of fracking development so longer term the costs will come down.

http://www.bloomberg.com/news/2014-01-16/shale-s-next-big-play-draws-magnum-to-australia-s-cooper-basin.html