net present value

"Using weighted average prices of US$6.95 per Mcf of gas and US$56.08 per barrel of oil, the estimated future cash flows from the proved and probable reserves is US$157.9 million. At a 10% discount rate, this results in a net present value of US$127.8 million."

quoted from PSA's Year End 2008 Reserve Estimates and Financial Results Guidance

....That works out to $AUD 300 Million.

....which is a little more that theire market Cap of
$AUD 26 million

Does that make the shares look cheap ?

Cheers,
Pete