There are two separate aspects to this train wreck and it seems...

There are two separate aspects to this train wreck and it seems that many investors here did not understand either aspect.
1. This is the oil business and regardless of all the hype, the chances of success were at the very best somewhere between 1 in 7 and 1 in 10. That means you have a 70-90% chance of losing your money as there are no plans to drill more wells at this stage.
2. Cash raisings by very junior oilers to sophisticated investors prior to drilling a one well program usually has the same modus operandi. Issue shares to SI's , then pump up the share price , promote to retail investors, get the back room brokers clerks to raise the level of excitement on Hot Copper , and get the share price up to a level where SI's can get out with a 50-100% profit. SI's exit.

This happens time after time and will continue to happen as long as there are gullible investors available.
Incidentally, I have spoken to Brent V in the past and can say that he is a true professional .
A well had to be drilled and they picked the best prospect. I think GALP may have made the final decision. This permit was acquired well before any of the current management became involved.
I am interested to see how they plan to resurrect TPG and if it is worth getting in again.