This has got too cheap to be true. I have felt obliged to buy...

This has got too cheap to be true. I have felt obliged to buy today. I have traded this stock in the $1.30's but it could be the right time to sit tight and hold. The company's AGM presentation painted a positive picture:

-Revenue in the high $200m's.
-A growing mid-term production profile.
-Asset write downs in the past.
-AAL farmdown in 2013 at > book value.
-Aiming for up to 10m BOOE production in 2016.
-Operating cash flow largely covering capex spending as production builds up.
-A large loan facility should opportunities become available.
-It looks like FY 2013 will result in a profit to me.
-The $200m mkt cap Vs book value variance shows good value.
- 2P reserves are significant.

There is fantastic value here. The computer generated trading moves the price around like crazy.