Is Cossack severely undervalued

Currently trading at all time lows and effected by what's going on in the Ukraine merely by association rather than directly this stock with it's Polish assets and current cash is imo seriously undervalued. A recent BBY report also indicates this. From this report is the following:

Near Term Catalysts: (1) We expect COD to complete the Bieszczady Block transaction in July 2014, after finalising its due diligence on the project. (2) PGNiG, the operator at the Bieszczady project, is expected to start a perforation and flow test the Nieb-1 discovery well in the September Quarter 2014. (3) The company anticipates an increase in its Prospective Resources in the Ukraine from an updated Geologist's Report for the Limnytska Block which is expected to be completed by mid-July 2014. (4) COD has commenced a farm-out process for the Limnytska licence, which could provide a see through value for the block and lower overall exposure to perceived sovereign risk.

The stock offers value with our un-risked NPV of A$0.13ps which is solely underpinned by the company’s Contingent Resources at its Bieszczady project in Poland (COD 24%).

Upside to our valuation: We have ignored the Prospective Resources in Poland and at the Ukrainian project from our base case NPV. Further exploration success in Poland and the Ukraine would de-risk these assets. Also, higher than forecast commodity prices would have a positive impact on our base case valuation. At spot oil prices and leaving our gas price forecast unchanged, the NPV for Bieszczady increases by 27% to US$25.4M from US$20.0M.

Worth a research imo and as always PDYOR before buying or selling.