I don't think it was a punt ... the idea of buying land cheap in an up and coming oil belt appears very smart ... plenty of proved oil in the ground but unfortunately they had some failed drill holes where the drilling company stuffed up so extracting oil was not possible .. the issue here is they needed to keep the drilling program going but didn't have enough cash reserves to continue alone thus a partner was required ... I am not sure why we couldn't attract a partner but potentially Risk V Reward or a partner did want to pay the right money (low ball)
Very frustrating stuff here and management have not delivered .. glad they have skin in game so they can feel some level of investor pain
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