looks undervalue but....

hi all

this company may be under value but I'm a bit concern about their cash position.

just have a quick at their 30/09/09 quarterly report
they stated that the cash at end of quarter was 2,504,000
however 2,160,000 was held for exploration deposit
and only 344,000 on hand

their working capital is around 500,000 per quarter

on 10/11/09 the company announced the sell of Maryborough basin
project 20% free carry for 1,000,000 in two installments of 500,000

the company currently has no revenue according to the quarterly report

so they have only enough cash for 3 quarters or 9 month

therefore they will need to rise more cash in about 6 months time

so spp in about 6 months time or they will have to sell more asset

any comments?