Ann: Merlin-2 Well Reaches Total Depth, page-190

Appreciate your input Doc. Very reasonable advice and I understand that you need to make smart decisions, particularly when playing with as much money as you are. Upon analysing yesterdays announcement, it seems the conclusion you have drawn is that a commercial discovery at Merlin 2 is now unlikely. What I'm struggling to understand (mostly because I am a rookie) is how the market has drawn this conclusion? To me, the announcement seemed ok. What would you be looking for in mud logs to confirm a major discovery is imminent? What was missing from yesterday's report? What part of the of mud logging failed to meet expectations? Not questioning your opinion at all, just trying to learn from this for next time. Thanks mate.