PSA Undervalued ?

Folks,

Picked this article up from internet today :

https://finfeed.com/features/your-definitive-guide-top-20-asx-listed-oil-and-gas-stocks/

Cheers

PeterRG
Petsec Energy Ltd (ASXSA)

Market Capitalisation: $42 million
It has been a tale of two halves for Petsec Energy with the company’s shares doubling to a high of 20 cents in the six months to June 30, but since then they have gradually trailed off, currently hovering in the vicinity of 12 cents where they are starting to look oversold.
There was some interesting buying just last week with over one million shares traded, the highest daily volumes since July.
This resulted in the company’s shares touching 13 cents which could suggest that there is some rejuvenated interest in the stock.
The rally coincided with the release of Petsec’s September quarter results which featured a year-on-year increase in gas production of 154%.
Net production increased from 67 million cubic feet equivalent (MMcfe) in the September quarter of 2017 to 170MMcfe in the three months to September 2018.
This increase was reflected in the company’s strong revenue growth which increased from US$251,000 to US$622,000.
However, arguably of more are Petsec’s high quality assets in the US and Yemen, with net oil and gas audited reserves (2P) of 9.4 million barrels of oil equivalent as at January 1, 2018.
The company’s NPV10 audited reserves (2P) are valued at US$189.8 million, implying a share price of 80 cents per share.
Production in the September quarter was hampered by hurricanes in the Gulf of Mexico.
Petsec has operated in the Gulf of Mexico and Louisiana since 1991, having drilled 190 wells with a 74% success rate, generating earnings before interest tax depreciation and exploration costs (EBITDAX) of US$548 million.
The company also has a substantial asset base in Yemen which it expects to be able to capitalise on after a lengthy period of government resistance.
Since the beginning of 2018, the Saudi coalition has stated its intention to support the Yemen oil industry by providing increased security, as well as securing the port of Hodeidah and the Ras Isa oil terminal.
The Yemen Government declared in late December 2017 a new Minister of Oil and Minerals, Mr. Aws Al-oud who has engaged with the oil industry and has encouraged restart of production in the Marib and Shabwah Basins, and sent all operators letters of directive to restart production as soon as possible.
Petsec Energy is engaged with the Minister, the Oil Ministry, Block S-1 staff and sub-contractors , local tribal and administrative leaders, which are generally all supportive of the restart.
However, management acknowledges that as a new operator in Yemen, the administrative review process is slow.
Notwithstanding these hurdles, the substantial value of these assets can’t be understated as indicated below.
The value of Petsec's assets should not be underestimated.
Note the attributable value per share of these assets and it is hard to argue that PSA is undervalued at around 12 cents per share as reflected in the following chart.
Is PSA undervalued at its current p[rice?