I think the volcanics were at the base of well in formations where it was expected (it was a volcanic margin at the time). The carbonate reservoir was present, but the porosity wasn't as good as they were expecting. So not as well developed as the Brazilian reservoirs. Plus the area was immature, so even had it been charged with hydrocarbons, it still may not have been an economic discovery. Hope that helps.
Stockle video on PCL, page-16
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