Ann: Placement to Fund Expanded Appraisal and Exploration Program, page-68

re:  how do you now value CVN?
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Pretty straight-fwd.

At this point the company has Contingent resources & no producing assets so u'd value the 3 assets accordingly.

Their net 2C in the Bedout is 77mmboe, Net Risked P50 is 36 mmboe (unrisked is 136 for Apus etc) so that's 108 total mmboe. Buffalo 2C-31. 
So use an $/boe metric across each of these 3 or a weighted average of $x/boe for the lot 144mmboe, eg USD 3, 4, 5, 6 tops. That's what they r worth. Factor in any Cash on hand or any debt (ie cash of AUD 98mil / 1342m sh = 7.32c/sh).

Note that Producing assets fetch a premium around 8-11$/boe in the current oil price enviro & stuff in the ground is discounted, because the company or a buyer has to spend aditional Capital towards Developing that asset first to derisk it & then perhaps attract a premium assuming pOO has fallen off the cliff at the time for which 3-5 year forward oil curve price is the go-to mantra these days.  

Euroz should b covering them & should issue a new Broker report on the company website. So logically u'd expect them to shout the SP north of a buck or thereabouts & comparing with other transactions in recent time that's assuming their analyst got his head around the original Apache-Brookman sales 2P reserves & knows the difference between PD, PUD, probable. Atleast CVN should b easy to value with its net 2C & net risked P50 resource & cash on hand!!