In our case, the journey is as important as the destination...so...

In our case, the journey is as important as the destination...so I agree with you that it will matter....to some extent. The market will be either the source of funds for the next stage of appraisal, or it will provide the price guide for industry sources of funding.

I can't comment on FAR, but in our case the market education process has started, IMO. We are onshore. We are in the thermal maturity sweetspot. The size of our prospective resource in the HRZ is in the multi-billions of barrels. We also have some conventional potential leads/targets of an attractive size. We are adjacent to TAPS. We have a modeled midpoint full cycle break-even (NPV zero) for development and extraction of under $40. We are fully funded for a test flow well (2V) that will, amongst other things, test this number. We are funded for various next step options under all outcome scenarios for the 2V well. And we know that a 2V result of 100-150 bbls per day will signal the green light.

How the market reacts to this green light, if it occurs, will be known to us all in a few short months. If 2V flows and the market does not react positively, it will surely be a case of cutting off one's nose to spite one's face.

IMO.