Please provide step by step manual answer ( excel solution not needed)

Mr. I.M. Teliani owns a big tract of land next to the Ankleshwar oilfields in Gujarat. The aerial survey conducted by the ONGC indicates that oil may be present in his land also. The company approached him with an offer of buying the land from him for Rs 60 lakhs with the proviso that if oil was found on the land he would receive another Rs 600 lakhs from the company. On the other hand, if he decides to explore for oil himself, it would cost him Rs 100 lakhs for the exploration. If oil were found, he would stand to make an overall profit of Rs 2000 lakhs. He has found out from his sources in ONGC that the probability of oil being present on his land is 0.6 . While he was still mulling over his problem, Oil Finders Ltd. approached him. Oil Finders is a company that specialises in taking soundings for oil exploration. The soundings can detect the presence of gas in the area. However, there is no certainty that oil would be present if gas is detected. The company offers to take soundings on Mr. Teliani's land for Rs 2 lakhs. From a past analysis of the results of soundings and the discovery of oil subsequently, Mr. Teliani has found that if oil is present, the chances that gas will be found are 70 per cent but there is also a 10 per cent chance of finding gas even if there is no oil. He has collected a fair amount of information but still cannot make up his mind as to whether he should sell his land to ONGC or keep it and carry out exploration himself or to spend Rs 2 lakhs on soundings and then take a decision. It is obvious that if the soundings reveal no gas, the chances are that ONGC will withdraw the offer. Should he run the risk of not only losing. Rs 2 lakhs on the soundings but also Rs 60 lakhs which the ONGC is offering him? What would happen if the soundings found gas? Should he then explore for oil himself or still sell the land to ONGC? What if even after discovery of gas no oil is found? The more Mr. Teliani thought about the problem, the more befuddled he became