2D and 3D seismic studies are not that expensive. Drilling wells is not time consuming nor that expensive when drilling onshore. Oil stocks are often times priced based on reserves not necessarily production. Building up infrastructure ie pipleines for production would take some time but the reserves are what matter and those will be clearly defined long before the infrastructure build up. They could also truck the oil out long before pipleines are built. So in sum you are wrong on most points.
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