simple comparsion: oip is undervalued

ORION PETROLEUM LIMITED is an oil and gas explorer intending to explore within a number of petroleum exploration licences in northern NSW held by Eastern Star Gas Limited (ASX code: ESG) or in which ESG had an interest. In addition, the Company aims to acquire interest in other petroleum exploration licences with the purpose of engaging in exploration, development and production of oil and/or gas.

http://www.orionpetroleum.com.au/exploration.html

MHL has a market cap of $25.4m and OIP has a market cap of $13.8m. How can this be?

Another company to compare with is ROG (in CSG in NSW) has a market cap of $38.9m.

http://www.tradingroom.com.au/apps/qt/quote.ac?code=OIP§ion=quotedetail

http://www.tradingroom.com.au/apps/qt/quote.ac?code=MHL§ion=quotedetail

http://www.tradingroom.com.au/apps/qt/quote.ac?code=ROG§ion=quotedetail