Happy New Year! Regarding Kawa and oyl&fec valuations. Remember what Warren Buffet said: In the short term the market is a voting machine. In the long term it's a measuring machine.
So I hope that the voting is over where people make decisions based on whims, emotions and other intangibles. Hopefully we are now in the measuring phase where the current sp reflects a reasonable assesment of value based on measurable, verifiable information known so far.
As to value estimates the accounting equation says that shareholders equity = total assets minus liabilities. So sp should be approximately (shareholders equity) / (number of shares on a diluted shares basis). Total assets are the market value of all assets plus some people add a premium for what they call enterprise value or prospects for future revenue growth.
Enterprise value is referred to as an intangible asset. For example, back in the early 2000s Amazon was reporting net losses with high debt yet its sp kept on going up because Jeff Besos was growing Amazon's revenue by double digits every quarter. So the market assigned a high enterprise value to Amazon's therby increasing its total assets. For a given liabilities amount, increasing the total assets also increases the shareholder equity.
So any measurement of the value of oyl&fec needs to be able to assign a reasonable estimate to enterprise value. Hopefully the current sp reflects that with the information known so far. If that's the case, then they have a commercial well there. If it's not the case, then your guess is as good as mine as to why the sp is where it is.
I have zero info about the well. I can guess at operations based on very scant info from comments on this board. But ops info is not that useful in estimating value. The geological info is key. I highly doubt that many people know that info. Again, Happy New Year!