Here is something interesting in today's The Australian about: "...

Here is something interesting in today's The Australian about:
"
THE men behind the $535 million coal-seam gas success story Bow Energy are set to return to the market with a new play centred on Western Australia’s Perth Basin.
Former Bow managing director John de Stefani and entrepreneur Steve Bizzell — who helped establish Bow and its CSG stablemates Arrow Energy and Dart Energy — have reunited to form UIL Energy.
Bell Potter is the lead manager in UIL’s initial public offering, the company looking to raise between $4.2m and $6m.
UIL has assembled a number of licences in the Perth Basin, a region that Mr De Stefani says has the characteristics to emerge as the next unconventional energy hotspot in Australia.
The Perth Basin has been a source of conventional gas production for decades, but has more recently been identified for its potentially large volumes of unconventional sources such as shale gas and tight gas....
“We’ve got a number of targeted farm-in partners that we believe would be interested in our fields,” Mr De Stefani said.
Oil and gas producer AWE is among the companies exploring in the Perth Basin, and analysts at Citi last month valued AWE’s acreage at $250 an acre. UIL holds 600,000 acres in the Perth Basin. “Shale gas in the Perth Basin is relatively long-dated, but potentially very material, but tight gas plays will represent near-term lucrative development opportunities,” Citi analysts said in their AWE research...."
What I like about this is the $250 per acre valuation figure. So by very rough calculation, TTE's 18.5% stake in EP 455 is 455km2 = 112,432 acres x $250 = $28.1M x 18.5% = $5.2M gross. Now that's interesting because if Drover is good, we are starting to get some value indication here
As usual, DYOR
Wiggie