poseidon-1

As MEO found, it is tough to extract mother nature's riches and the market is unforgiving.
While Heron-2 looked good on logs and has a much shallower reservoir than Poseidon, the loss of the well caused a 50% fall in share price.
While we can now see the spin doctors at work, ultimately, the geoscience tells the story.
I note constant references and comparisons to Scott Reef and Brecknock, but these reservoirs are approximately 800m and 1200m shallower respectively. At 5100m subsurface, Poseidon will have significantly reduced porosity and perm, meaning the gas tank is smaller and gas flow may struggle.
It seems strange that a MDT test was targeting the middle of the lower sand unit. This must relate to rather poor derived general porosity through the gas column, so they went for the best zone. This may have also contributed to the loss of the tool because when the rock is tight, the tool may be up against the well bore for hours just to recover a little gas, and it is then common to get a MDT tool stuck.
If the well looked that good, a re-drill deviated around the blockage is justifiable and the rig contracts always allow for this.
I guess the abandonment tells the real story.
Better luck with the next well!