Baffling... It's amazing to see anyone debate the valuation here or the say that Indonesia represents "desperation".
Look, it's pretty simple. Cash is $3.30-ish.
There's no doubt that Thailand is worth $1/sh. The 1300 bopd does $25mm in cash flow per year. 2x cash flow is hardly a stretch for that.
Even if you assume cash is $3/sh and Thailand is $1, the stock is still undervalued.
Indonesia is prime first-round relinquishment land and they are just scratching the surface in terms of exploration. Even if Jatayu is a duster, who cares? They'll be drilling Shinta and Cataka and in Thailand again starting in Sept/October. Why did they wait so long? Well, i hate to tell you, but it takes time to organize a seismic program, shoot the data, process the data, map the data, get surface access, negotiate contracts, plan the wells, rank the prospects, and mobilize.
Even at $4, you're paying nothing for Indonesia and Sawn Lake.
Patience will pay here. Traders will trade. But debating the valuation of cash and an asset at 2x cash flow is ridicuous, even for a "retired cfo".... ;)