Yes.... and if you are able to successfully pull it out of the...

Yes.... and if you are able to successfully pull it out of the ground and sell it, then the value is about 10x what JOGMEC paid for their stake.
It's kind of a binary outcome (either worth hundreds of millions or worth close to zero) and the point that wirripundi was trying to make is that JOGMEC valued that binary outcome at ~$50mn so it makes no sense for the entire company to be trading at barely more than that valuation. But that's investing isn't it? You wait for the market to under/over value something and you trade.