Karl, cash is never added to EV. Ultimately the cash will be spent on drilling etc. For an increase in MC to occur there has to be material value added from spending the cash resulting in a rise in the share price.
Also for each dollar of cash added there are more shares issued. There is a rise in market cap because there are more shares on issue. Your logic here is completely flawed.
However if they farm out an asset and receive cash as consideration both EV and MC rise.
spp, page-40
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