That $1bil valuation was when Puffin was actually producing oil. Currently it isn't and it could be a while yet. Sinopec doesn't seem to be in any kind of rush to get a MOPSU rig in place, but this could be an advantage if the price of oil continues to creep higher (very likely imho) aka higher oil price = higher profit when production resumes.
As for the current sp, it's looking a bit cheap again. Got some for 44.5c just before the close. Someone was "throwing the baby out with the bathwater"
That $1bil valuation was when Puffin was actually producing oil....
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