some back of the envelope calculations

Some back of the envelope extrapolations on BPT trying to get one of the big players interested in buying 30% of their shale play for $500mill (from the Hotcopper posts on BPT)
In their December 2011 Drilling report BPT stated “The Ensign 16 drilling rig is expected to spud Moonta-1 (PEL 218, Beach 100%) in mid January. This well will be the first in a campaign of at least five wells designed to delineate the resource potential of the basin centered and shale gas volumes of the Nappamerri Trough”. Note they are talking Napparmerri Trough not just PEL 218.
Slide #15 of BPT presentation to Willson HTM conference, Sydney 17th November 2011 gives a diagram of what the Geologist think the Naparmerri Trough looks like. PEL 218 is 100% BPT and APT855P is 60% BPT and 40% AGS.
The areas of PEL 218 and APT855P are very close to same size, so when you combine the two, BPT has 80% and ICN has 20%.
If BPT can get $500mill for 30% of their 80%, then ICNs 20% should be worth $417mill.
ICN’s current market cap is $72mill, a fifth of this figure.
Yes, to date no hole has been drilled into APT855P and BPT has put 2 holes into the shale in PEL218, and found plenty of shale gas in both.
Can any of the regular posters on ICN please explain to me why ICN’s share price is not multiples of where it now is?