It clearly didn't (and doesn't) have '"no risk" as it is an equity, not a government bond.
I think you are also confusing outcome (higher stock price as a function of better oil price, takeover bid and strong corrective management action) with an assumption - but not fact - that you thought some time ago it was undervalued.
The book part you mention is testament to Santos having paid far too much in recent times for their asset base under a flawed strategy, which is why they were punished by the market in the first place, rather than being a hidden gem.
Markets are still pricing in a $60/barrel price, if it does hit your $100/barrel theory then the entire sector would have been a good investment.
Will Santos ever recover?, page-266
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