Have to disagree here. In my experience, the valuation cycle is steepest during exploration as companies prove up inferred resource. When moving to a production company, large debt & equity deals need to take place along with 1-2+ years of construction. A majority of PI's sell out of boredom, falling SP. Too many examples of this to count tbh (same goes for oilers imo). Look at ARS, SOU, SXX etc. most value was created proving up assets.