talon petroleum initial valuation

Morning all. Just trying to put a value on Talon if the demerger goes ahead in addition to our 2 for 1 SEA shares.

Key assets as I see them being

*TXN cash 16.86 million at last quarterly

*Wandoo PGA agreement ??? last updated to include more acreages surveyes at a cost of 5 mm options at 70 cents but that has changed due to planned demerger maybe 5 million? They have provided some pretty good drilling sites for TXN historically and this agreement has definite value.

*Mosman / Rockingham Olmos leases anyone want to put a value on these? Wheeler one flowed at an IP of around 186 boepd. Talon holding 1200 acres with 3D seismic.

* The Roundhouse Project it seems to have potential but no indication of what has been paid for the 3 519 net acres we hold in jvp with Tanos other than " what is consistent with lease costs in the area" More talk about the prospect here http://hotcopper.com.au/post_threadview.asp?fid=1&tid=1843117&msgno=8688657#8688657

So what is all this worth? At 1 for 1 how much will the market assign here with 245 million shares on market?

Is 10 cents unrealistic and if so that makes the EFS acreage sale look ridiculously cheap at 80 million for over 7000 acres.

I am a confused holder!