"this is probably more derisked than any other oiler drilling an...

"this is probably more derisked than any other oiler drilling an exploration well"

Disagree. The risk has gone up (massively) in the past week. But you correctly note that this is an exploration well - and there are always risks with wildcats (even into known formations).

To me, the risk-reward equation no longer makes sense with IVZ. MK2 looking very much like his little brother, and the comments about water (and pics of little baggies of fart gas) don't exactly calm me down.

Was going to attempt to catch a falling knife (buy circa 11.0, for a trade on the sidetrack rally back to 18 at a guess), but upon reflection have decided to now give it a miss. I personally think MK2 will be P&A before long. The economics could break the company if they keep plowing money into a well that is already compromised and doesn't knock your socks off with samples.

Good luck to all those who remain. I hope I am 100% wrong and that the company can make this a winner.

Kit.