Freddo, I think they did expect to find oil as well. They were drilling right on the edge I think. See quote from AC's previous preso i.e. before drilling results:
So while we expect similar results to the nearest well, Phoenix-1, which discovered a gross 600m gas column, we need to prepare for a broad range of outcomes at Phoenix South-1. This range includes a larger gas column than was found at Phoenix-1, and the chance to encounter movable oil, as demonstrated with the fluid inclusion studies undertaken on Phoenix-1.
Ann: Phoenix South-1 Well Update, page-137
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