is this an undervalued oil stock?

Can someone tell me the targeted productive income earn in current commercially productive projects? Does management feel that the revenue levels will increase as the oil price does.

I see that PPP have had issues in the Vietnam contract negiotations. I noted that as soon as farmin reports are released the SP falls. Many may have been dissapointed in the terms of agreement in regards to a recent farmin deal near Vietnam being 15% yet conditional on approval.

I have read the latest notice and it does not make sense to me. That they can proceed with work on the basis that they may not be entitled to the entire 15% of productive profit. Can someone please explain this to me? Also this the primary reason this company has a low PE?

http://asx.com.au/asxpdf/20091111/pdf/31lztpqy1wkbtg.pdf

Is the above a positive or negative or neither? As the 15% still looks like it is conditional to approval. Cheers