Am I missing something or is this the cheapest Oil Stock on the...

Am I missing something or is this the cheapest Oil Stock on the asx. Current PE of about 4. Next years PE of less then 2. Cashed up, no debt, exploration upside.
Its like the market has factored in the Basker reserves is a sure thing to be downgraded despite management denying any possibility of a downgrade.

Many companies interested in taking this over over the nine months at around $1.80 for a reason. Can't work out why still at 1.20. Any suggestions much appreciated positive or negative about the stock?