Hi EL,
I agree cost, price & value are very different things.
Once CVN is self-funded or cashflow positive, production can be valued, but we will not know the true extent of production until P,P&P reserves have been released.
So from the current level of production an implied value of production can be estimated, however this is no guarantee that production will continue so you are correct - CVN can not be valued at all until the field size and reserves are released.
All ramping aside, from what I see right now 38c is support, 47c is resistance, 50c is POSSIBLE upside and if new significant new production is achieved 65c is POSSIBLE upside.
Happy to listen to the contrary view?
cheers
neo
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