icn shale values

in the SMH article just posted it says:

"Beach Energy's bid for Adelaide Energy valued the target's shale holdings at $761 an acre, Huang estimates. Total SA on December 30 acquired a 25 per cent stake in 619,000 acres in the Utica shale for about $US15,000 an acre, including drilling costs, data compiled by Bloomberg show. That's more than four times the average price from seven transactions in the Ohio and Pennsylvania shale region from March to September 2011, according to IHS Inc. data."

so I am not sure if i have seen a value per acre placed on ADE's shale gas acreage before.

so Mr Huang says the t/o of ADE by BPT represents a value
$761 an acre.

So ATP855 is 415,000 acres (thats a lot to mow!)

ICn has 40% = 166,000 acres

166,000 x $761 = $126m

with 469m shares on issue, our interest in ATP855 s/be worth 27c per share at least.

that article shows USA values are like $15,000 per acre.
and BPT got ADE for a bargain.
and that value will move significantly upwards if the shale well to be drilled in ATP855 middle this year demonstrates good shales.