As an exploration company, they & the SH are taking a gamble that they'll (literally) strike oil & that it'll be above expectations.
Dorado could have been a minor drop in the ocean - instead it's bloody massive - and those results were well after the CR.
The CR was because they needed funds at the time - maybe they could have waited, but if Dorado was tiny then that would have hurt the SP and thus the CR price.
DYOR, etc, etc.
Fundamental Value, page-182
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