I agree with both of you; by my back-of-envelope calculations,...

I agree with both of you; by my back-of-envelope calculations, the monthly cash will decline from about $3mUSD/month to about $2m USD/month.   This will no doubt influence the speed of their drilling programme, and also the value of any assets they find. 

But let's give them some time, the recent announcement talked about an almost-continuous drilling programme through 2019, and it is this that will drive the price in the longer term.  And if they strike two or three times next year, the current SP will be a distant memory.

Certainly painful to watch in the short term, though.