Im not sure of the industry benchmark data of how much it costs to fund pre discovery through production. Why are you looking at it with todays endpoint when an investor would consider the likely end point of to realisation of objective/maturity?
Surely this is the well testing (i.e. Yes or no) and the seismic (is it 2x, 5x or 10x bigger or more than the conservative discovery estimate in December)
So basically a trader would look at today and say i need to move my money to something going upwards, whilst an investor would say - its been a few year journey and the outcome is almost there.
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