Ann: Operations Update, page-64

I do see your perspective and agree that each piece of the puzzle adds to the confidence about what is underground, good or bad. Where we diverge, is that it is all going forwards towards finding commercial quantities of oil.
The seismic, petrophysical and inversion analysis, culminates, in identifying prospects worth testing with the drill. Having tested the best target with the drill and found it is not what the original analysis indicated, the company has just proven their best target is not a commercial discovery. Which means the original interpretation was incorrect, nothing to be ashamed of, at best 88e claimed a 50% chance of being correct. Sometimes all the work just proves there is no viable project.
Effectively the Charlie 1 drill has proven, that location is no good. Data gathered will assist in refining the secondary targets, which will be less likely to succeed than this one, as this was the primary.

88e actions in using their scant resources to secure new ground via the XCD takeover, also suggests they are less confident in Icewine conventional and unconventional as a stand alone project.