igas overvalued?

from yahoo finance;
Still expensive

On the other hand, IGAS looks expensive at present levels and it's not clear how today's news -- which is good for the UK fracking industry as a whole -- will affect the company.
Nevertheless, IGAS began drilling its third UK shale gas well at Ellesmere Port, Cheshire only a few days ago, as part of the company's plan to validate a geological model allowing it to plan for future development activities. This should prove to be a future catalyst.
But unless the company makes a huge find soon, it could be some time before IGAS's shares look to be good value for money. Indeed, at present levels the company is trading at a 2015 forward P/E of 560 and 2016 P/E of 46. As IGAS is trading at such a lofty valuation, if anything goes wrong, the company's share price could quickly fall back to earth.
So, for the time being, IGAS's future is uncertain and the one thing to remember is that oil minnows can make you rich but they can also make you poor.
That's why the best investors build a portfolio with a combination of both risky oil companies and reliable dividend-paying stocks, reducing risk and allowing you to sleep soundly at night.

see link;https://uk.finance.yahoo.com/news/nighthawk-energy-plc-igas-energy-101146758.html