The Next CVN, page-46

Number of barrels? Net column meters?
Then, Commerciality?
Then, Appraisal/development costs and therefore dilution?
Time to revenue? .......and so on, and so on......

Many things to consider and they will not all be known until some time in the future.

As far as CVN goes, it just lost over $200M of its value, not based on any change of what they had, only a change in what they do not have.
On that basis, the market had assigned over $200M of value due to upcoming success of PS-3. It didn’t eventuate, so that $200M was wiped.
The market had obviously assigned even more than $200M of value of success at PS-3, because surely the sp would have increased again had news of the PS-3 well had been positive.
It’s a mixture of perceived current value, future value and, of course, hype.

As I have said before, the day to day sp, especially of a speculative company (ie. no revenue), does not necessarily follow logic. It will do your head in if you try to make sense of it, IMO.

Anyway, enough on the subject from me, it’s just my observation from past experience.

Good Luck!!