RE:at current dollar bent Oil reserves are categorized by level of certainty that they can be recovered ie; proved producing, proved plus probable and proved plus probable plus possible; 1P; 2P & 3P respectively.
VLE acquired those Thailand mature assets based mainly on 1P level of reserves (as most aqusitions are) hence the low price becouse those were low & declining rapidly. So yes it is a very valid question what value is in 2P and even in 3P, both categories are always very heavily discounted during purchase.
Valeura has already drilled Wassana deep (3P) and that moved it to 2P if not 1P if it is producing …..and that should affect bottom line …..& reflect in share price.
All this needs to be clearly spelled out to shareholders so they can confidently justify paying higher price for VLE stock. Informing shareholder is the key here.
G37