new value of shale gas permits

BHP has just announced a t/o of a US shale gas producer for $US Billion !

Whilst we obviously cannot directly compare that with ICN, it provides an indication of the attraction of the ATP855 permit, now that Beach has kindly proven that the shales flow plenty of gas.

BHP is paying $US12 Billion for 1m acres of permit, prod of 950mmcf/d gas and 3.4TCF of proved reserves (not sure if 1P or 2P).

ATP855 has 12,673 sq km (how many acres?)
Nappa Trough is claimed to have 200TCF of GIP
ICN claims 20TCF of Recoverable Gas (31 may 2011) - thats recoverable Gas!)

SO perhaps someone might like to calc what ICN interest might be worth?

cheers

*************************
BHP Billiton [ASX: BHP, NYSE: BHP, LSE: BLT, JSE: BIL] and Petrohawk Energy Corporation (?Petrohawk?) [NYSE: HK] announced today that the companies have entered into a definitive agreement for BHP Billiton to acquire Petrohawk for US$38.75 per share by means of an all-cash tender offer for all of the issued and outstanding shares of Petrohawk, representing a total equity value of approximately US$12.1 billion and a total enterprise value of approximately US$15.1 billion, including the assumption of net debt. The Petrohawk board of directors has unanimously recommended to Petrohawk shareholders that they accept the offer.
The transaction would provide BHP Billiton with operated positions in the three world class resource plays of the Eagle Ford and Haynesville shales, and the Permian Basin. Petrohawk?s assets cover approximately 1,000,000 net acres in Texas and Louisiana, with estimated 2011 net production of approximately 950 million cubic feet equivalent per day (MMcfe/d), or 158 thousand barrels of oil equivalent per day (Mboe/d). At year-end 2010, Petrohawk reported proved reserves of 3.4 trillion cubic feet of natural gas equivalent (Tcfe). The company has a current non-proved resources base of 32 Tcfe for a total risked resource base of 35 Tcfe. Petrohawk reported gross assets of US$8.2 billion as at 31 March 2011 and US$390 million of profit before tax for the year ended 31 December 2010.