Marketinfo, I'm assured that the placement went to very tight...

Marketinfo, I'm assured that the placement went to very tight hands and I can tell you for sure that almost half the options take up did because I took them up and am not a seller.
In my view, the company are on the right track, putting in the work to set things up before getting out there to sell the story. If they don't need the capital, the short term share price is irrelevant compared to the long term financial health of the company, which is after all what we each own a share of.
As the wells start producing and funds start to trickle in, that would be the time to do a road show. Before that there is always the chance that some instos or larger players will do their homework and come up with valuations well north of the current price.
I've been investing in a very select number of companies like this for almost a decade now and if you pick the right company and stick with it you make money in any market. I've made 80%+ per annum for 5 years now (including over 100% in FY08) by doing just that.
Hang in there and be patient.