value of exploration acreage

Does this JV give a rough idea of the current worth of ELKs exploration acreage??????

The following is a very rough guess the value this deal gives us....
Paladin look to be paying lease costs - $100,000??? + 1 well $200,000??? ....so lets say $300,000 for 25% values outback at $1.2 mill for 17,000 acres.....As of last years AGM ELK had 400,000acres under lease or exploration agreements.....

The above acreage if it was all similiar quality to outback would mean the current deal would value ELKs exploration acreage at $30mil or just below 50c...or the entire current market cap.........