Overally cautious??Other oil sites are or have drilled to 4,000 m depths to find oil. This proposed well was to be some where in the 2400 m range. However, after looking at the drilling set backs at the other sites, perhaps the amount of dollars on hand and the drilling costs are too tight and what if they encounter drilling problems.
Perhaps it is to be in a better position to seek additional funds on the potential of the find rather than be stuck at, say a depth of 1500 m and out of money. Then, you have no bargaining position.
I also wonder how much money they are burning each month and does this affect the depth to drill?