The whole premise of this well was that the seismic reprocessing...

The whole premise of this well was that the seismic reprocessing showed there was significant updip reservoir that had not been drained by the previous production .
Hitting the top of the reservoir 80m low means that the geological model produced by the reprocessing was wrong .
The oil left in the structure is a lot less than they hoped for .
Best result is a marginally profitable project but more likely there is not enough oil left there to justify development .

I would like to be wrong of course but the implications of losing 80 m of structural closure are fairly clear let alone the small amount of net reservoir .

One down two to go .

Quite a kick to lose the relatively short term revenue this project would have given but disappointments are just part of this business .

Two big exploration wells to come fingers crossed .