Ann: Invictus Energy Maiden Prospective Resource, page-124

Putting a target market cap (not a valuation as such) for an oil gas play pre drilling is not easy or consistent. Conventional vs unconventional vs oil vs gas can be treated differently, plus the location, potential development capex, well capex, and market/hype at the time play a part. The market does not do a good job of valuing multiple target at multiple locations at all imo. And if company A is about to start drilling a big well and still trading at nominal values its usually because there is little faith in the chance of success (regardless of target size), management and or location pre drill.