compare the pair

- Senex Energy (ASX: SXY) (Market Cap: $784M) is a producer with a net position of 6.8 million acres in the Cooper, Eromanga and Surat Basins for an Enterprise Valuation of $114.5 per acre.

- Cooper Energy (ASX: COE) (Market Cap: $135M) is a producer with a net position of 0.5 million acres in the Cooper, Otway and Gippsland Basins for an Enterprise Valuation of $271.4 per acre.

- Drillsearch (ASX: DSL) (Market Cap: $681M) is a pure Cooper Basin producer with a net position of 3.3 million acres for an Enterprise Valuation of $206.4 per acre.

- Icon Energy (ASX: ICN) (Market Cap: $53M) is an explorer and developer with a net position of 1.9 million acres in the Cooper, Eromanga and Surat Basins for an Enterprise Valuation of $28.1 per acre.

- Ambassador Oil and Gas (ASX: AQO) (Market Cap: $20M) is an explorer and developer of unconventional oil and gas assets with a net position of 0.3 million acres in the Cooper Basin for an Enterprise Valuation of $69.0 per acre.

Recent merger and acquisition activity included Chevron (NYSE: CVX) which will outlay up to US$349 million to acquire a 60% interest in PEL 218 and up to a 36% interest in ATP 855 that are operated by Beach Energy. The permits cover the highly prospective Nappamerri Trough in the Cooper Basin (see earlier diagram of Nappamerri Trough).

The first stage of the deal places a value of $1,103.10 per acre for a 30% interest in PEL 218 which is located in South Australia, and $792.40 per acre for an 18% interest in ATP 855 which is located in Queensland.
New Standard Energy (ASX: NSE) backed by U.S. shale industry pioneer Magnum Hunter Resources (NYSE: MHR) will invest up to $42.5 million to earn a 52.5% interest in PEL 570 owned by Ambassador Oil and Gas, and places a value of$136.50 per acre for undeveloped acreage.

This is a bargain when compared with unconventional acreage in the Bakken, Eagle Ford, Barnett and Haynesville shales that sold for a median price of US$15,546 per acre from 2010 – 2012.