As mentioned undervalued depends on how much you want to...

As mentioned undervalued depends on how much you want to speculate.

I personally this FAR is(was) a great buy at 5-6c a share. Potential downside with no JV in Senegal is about 4c a share, given the amount of cash they have. I do not believe that their other assets exept GB are worth much.

GB is for me an expensive asset, great potential but if they are going to do the 3d seismic or pay for another hole it will be costly (like any other oil exploration).

I think the potential of the Share price hindges in the JV in Senegal which I think has a 75% chance of coming through (which is why I hold these shares).

That is a good bet considering the upside potential of 15-25c per share in a short period of time given the downside of 4c.

All those that bought in at a high price eg. 8-12c a share have much more risk given the likey 4c a share if the JV does not come through.