Ann: MNA-20 Development Well - Drilling Update, page-7

Biggest issue IMO is lack of institutional interest:
- Two large shareholders neutralizing each other, one in default and litigious, and the other in the middle of an offer
- Ever changing board: who is really running the show, and for the benefit of who?
- Limited prospects: little (if any) upside in Manora and nothing beyond Manora

So yes, the stock might be undervalued, but the company is still a mess and with no clear sky ahead.