is with the last aquisition - they acquired 25% of the shallows...

is with the last aquisition - they acquired 25% of the shallows for approx $US4m so presumably they value the shallows around $US16m - they even got some extra acreage thrown in so it may be worth less. My prob is that if the proven shallows are only worth $US16m the NEO's half is $US8m and it get hard to justify the lofty prices I was thinking of if that is all they value the shallows at. (Yes there is the unproven deeps too)

Did they just get an exceptional deal?

I 'think' NEO is worth a whole lot more but the only tangable valuation tells me it is not.

Happy for any other arguments . . .