one more sleep , page-53

The reason I tend towards water-bearing is because they did say the reservoir was well-developed, and if it was well-developed AND oil-bearing then that should have cause for celebration - not a vague one-line comment in the ann, followed by a discussion about a sidetrack.

I guess you have to ask yourself which is more likely.

Did they just neglect to mention that the UC3 was full of oil, in the midst of an otherwise poor result?

Or was it deliberately worded vaguely to try and soften the bad news?

Keeping in mind they have said they are going to ST, the latter seems much more likely IMO. But you're right, we don't know for sure.

UC3 is a reservoir because it contains oil at IVCO 14, so I have no problems with it being called a reservoir here - I just suspect it's the water leg of said reservoir.