wyoming coal leases

A week ago Cloud Peak Energy (Rio Tinto spin-off) purchased from the Bureau of Land Management (USA) a tract of land known as "West Antelope II tract" in Wyoming USA for $USD300 million. This tract of land (approximately 3,000 acres) supposedly has 350 million tonnes of mineable coal.

Cloud Peak Energy Successful Bidder for West Antelope II North Coal Tract

Linc Energy purchased approximately 2 years ago in 2 separate transactions a total of 165,000 acres in Wyoming for a total of $AUD25 million.

From my research it seems that the ex-Gastech leases are in close proximity to that of the Antelope mine. I'm not suggesting they are comparable.

Linc Energy's coal leases in Wyoming

Campbell County Wyoming where Cloud Peak have just purchased (If you keep zooming out on the map you will see that Linc's tenements are in the same area)

Yes I know that Linc's tracts of land are probably not suitable for open cut mining (no reference to open cut, only UCG) but if you put it into perspective, these coal leases have been purchased for an absolute pittance.

I have no real idea what they are worth today but one would think that with a 7-8 billion tonne exploration target (based on historical drilling) on just half of the these coal leases (as per 14 May 2009 and 24 Dec 2009 announcements), they would have to be worth considerably more?

PB has a habit of buying for a pittance and selling for obscene money a few years later.

Just like Galilee, Emerald and Pentland I believe these coal leases will be worth considerably more in years to come (probably worth considerably more right now). It's not recognised by the market because the market are just a herd of sheep, brokers are just salesmen, company analysts spend a few hours researching a dozen companies a year and the market makers have fun playing with other people's money.

Does someone know what these leases that Linc acquired for $25 million may be really worth today and into the future?

:)
Nic