IVZ = finished, page-25

To be fair, its NOT finished. Its NOT there yet - they have made 2 "technical" discoveries in M1 and M2.

Personally, I don't believe they have found a "Commercial" discovery in M1 or M2. IMHO, its too tight. Will probably get a lot of angry reaction, accusing me of being a down-ramper.

So far, they have poked two holes into the ground - will need to poke a few more holes to find the "Sweet" spot.

The "Real" issue is whether they have the money to continue.

Exploring in the O&G business, is risky and very expensive. When you get it right, you can make a lot of money. Some are lucky to hit the jackpot in one go, while many will take 3 to 5 drills before hitting the jackpot.

In any case, where you get mediocre or inclusive results, your SP get smashed, as investors gets bored and lose interest of funding additional drilling, which cost around $50M each time.

And its why many small O&G explorers farm down their working interests to lessen the drilling capital needs.