When the objective is to produce O&G, appraisal that results in no reservoir encountered, or water-bearing reservoir, is a FAILURE. It is both a technical and commercial failure.
You can spin it as much as you like with "UC1 appraisal success at its western flank" (though I think it was actually the northern flank) but they did not intersect reservoir when they intended to. Nobody is fooled - the market certainly wasn't.
I don't see how you can say I was at all negative about the results of LC or Condor. I said:
"As an exploration well though, results seem to have been quite good. LC-2 appears to be a good quality reservoir. Condor needs to find good reservoir but appears to be gas-bearing."
Or that I was at all negative by saying the ST back to IVCO 14 was a good decision.
I think the fact I am not a holder allows me to give a balanced account of it and call a spade a spade. Holders with a vested interest are the ones likely to claim that failure to intersect reservoir in an intended production well was a success, don't you think?
RIA Price at posting:
24.5¢ Sentiment: None Disclosure: Not Held
