I don't understand why this share is trading so low? I...

I don't understand why this share is trading so low? I understand that it has had a pretty crappy history, apart from that, am I missing anything?

It has a market cap of $2.5m, however it has $600k of EUR shares, $1.1m worth of cash, $1.9m of receivables within term less the $1.1m in payables. Based on this, the market is not placing any value on Calvista, the Wise 1-25 well development or the $16.5m worth of tax losses carried forward.

26% of the company's shareholders hold $4 or less worth of shares. 69% of the company's shareholders hold $40 or less worth of shares. Is it worth the company running a small parcel share sale facility? It would reduce the number of shareholders by up to 93%, resulting in ongoing cost savings and increase the liquidity of the shares.

Hardest part would be finding buyers for the 50 million shares. Could the company use some of it's cash to buy them and cancel them? Would be worthwhile to the remaining shareholders while the company is valued so low. When all said and done, it is only $200k worth of shares, of which should probably be valued at $600-$800k.