interesting that the underwriter of the recent cap raise at...

interesting that the underwriter of the recent cap raise at 30cps is now issuing a valuation at 55cps (especially given nothing has changed other than the cap raise). found a technical paper that stated that for valuations based on reserves, reserves in the ground are allocated a price which is 1/3 of that at the well head. you then risk the reserve depending on whether it's 1p, 2p or 2c.

I'm no expert here, but once FID is made CVNs 2C for the relevant area should become 2P (Dorado), the definition of 2P being that you have economic reserves capable of being produced. basically as we move closer to production CVN becomes more valuable.

rn though I'm working with a 30c valuation which takes into account dilution by either a capital raise, sell down or combination of the two. Any oil found at Apus should be capable of proportionally increasing value in comparison to our existing reported 2c reserves as valued by the recent cap raise.

of course the above is purely my own opinion and isn't advice to buy or sell