They could not declare A DISCOVERY inspite if having good gas...

They could not declare A DISCOVERY inspite if having good gas and fluorescence shows in MK1 which the market was expecting.

Tool failure by incompetent service provider and hole degradation for leaving it open too long, higher mud weight etc were the main reasons. You have to remember it was the first well IVz drilled in the Basin.

before you ask, this time they have gone with more specialised providers for mud, a much better service provider and QC who has checked tools for working order.

There is always a risk , but IVz seem better prepared from the learnings of the first well MK1