Yep that's a good summary. There were other, more technical, factors that contributed to the overestimation of what reserves would eventually be, but good management would have been aware of the uncertainty and not committed until the reserves picture was clearer. Government and industry were both at fault, but ultimately it's STO and ORG shareholders that paid the price. Arrow and QGC holders were lucky to get bought out when they did.
Why price falling today?, page-116
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