Gas is there its proven via the 120BCF of 1P reseves (90% chance...

Gas is there its proven via the 120BCF of 1P reseves (90% chance of economical recovery) and 120 BCF of 2P (50% chance of economical recovery) Also the field has produced over 120BCF in gas.

The current valuation is low because the current entitity been MAE can not extract is profitably.
Doesn't mean another company with less overheads and more experience couldn't. If there was a fire sale the property would be sold.

Someone could come in right now buy the property with cash to spend on development and with good expertise get flowing.

Your also missing a fundamental point in all cases the VALUATION IS ONLY RELAVENT TO A PARTY WHO WANTS TO BUY THE ASSET AND EVERY POTENTIAL BUYER HAS THEIR OWN VALUATION.
No one person or entity will have the same valuation.

ie no ones right its a point of view.
P you've got your own valuation in your head if you think the current SPP is below that valuations by rights you should be buying up to that SP. Others have a valuation of 0c and won't buy at all.

The fact that the SP is 5.2cents is the culmination of everybodies evaluation including insto's and individuals. So the market by rights is the best indicator of the wholistic valuation of the company.

If more people thought it was worth more the SP would increase. As a realtively small scale investor your valuation means very little in terms of the overall market valuation. Institutional investors generally are the best valuers because they don't get emotional about the inputs, i bet every investor here that bought above the current SP has a bias to believe the company is valued closer toward what they bought at.