is this...

a royal stuff up or just an educated punt that didn't work out?

From yesterday's announcement:
The log and test results (together with the strong gas shows while drilling) suggest that the well intersected the sand package in a gas to water transition zone just below the main gas leg.

and

Whilst the test results of the Moeller #1 are disappointing to date, the reservoir sand package in the Moeller #1 well was intersected at a deeper level than anticipated. Post-well mapping indicates this thick reservoir sand can potentially be intersected in the gas zone, and in closure, some 150 feet structurally higher at a different location on New Standard leases.

From announcement on 7th of June:
New Standard Energy Ltd (New Standard) advises that the Moeller #1 well was drilled to total depth (TD) of 12,750 feet (3,886m) over the weekend. Good hydrocarbon shows were noted in the mudlogs around the original anticipated TD of 12,500 feet (3,810mm) and as a result the well was drilled to a slightly deeper total depth.