valuation vs sell price

Can anyone explain the following anomaly?

The new partner at Forbes (Livingstone) only paid US$830,000 for a 50% share and they need to pay 50% costs going forward. Therefore, the current market value of Forbes (as a project) is US$1.66 million. At an exchange rate of 74c, the equates to AU$ 2.24 million or 1.3 cents per share.

However, the remaining 50% interest in Forbes is valued at $300-350 million and is reported to have an potential impact of $1.60 on the share price (taken from the investor presentation).

Who is this unlisted Australian company who paid AU$ 1.2 million for an asset worth $300-350 million? Obviously the cash was unimportant at this time.

Incidentally, OPL purchased 50% of Forbes from Matris for US$600,000 on 16 May 2005, and received as a bonus, a 25% interest in NW Rio Vista (valued at AU$ 240,000 in the presentation).

I there anyone out there who is so good at Maths they can follow this logic?