Not really an unmitigated disaster if you factor in the expected...

Not really an unmitigated disaster if you factor in the expected risk/reward profile of a small cap oil producer such as CE1. They make enough to slowly grow oil output and replace older declining wells. I can't imagine anybody investing in CE1 expects outsize profits from the oil business if they've done their research.

You're right that the key to an exceptional return is monetizing the Montney. That's the risk part of the equation that an investor will assess before investing (or not)

An investment in Santos or Woodside isn't comparable in any way except they are all in the oil and gas business. Low risk and lower potential return and a completely different investment profile.