RE:Heard about this on #wallstreetbetsHi Ronnie,
The reasons why it is still undervalued are:
1. Bigotry towards any investment related to oil. I've tried to help people I know by telling them about this when it was much cheaper, and it is difficult to get anyone to even put a half hour of reading into it.
2. Most people, and especially most instutitions refuse to even consider investing in pre-revenue micro caps. The company is already of a size that it is hard to move the valuation without these big investors. This will change as it is derisked and climbs over $5 usd.
3. To understand why it is undervalued one has to understand that they are (a) proving a basing not a target, (b) Namibia is a good jurisdiction, (c) the already-completed aerial surveying can accurately identify the size of the basin. This requires actual effort. Especially (c), which requires opening a geology textbook. People are lazy.
If you read the old posts on the forums, nearly everyone involved to start had a background in the oil industry. Later, some people from the region got involved. Now I'd say the plurality of posters are traders. This is a normal evolution towards a broad investment base.