RE:RE:RE:RE:Jarvie: A trap without a source rock is called a dry holeThe whole premise of this drilling program was based on the presumption of the existence of source rock that is marine source that migrated into oil traps in Nambia and Botswana with billions of barrels of oil in deposits and hence the stock is worth billions with a sky the limit view.
But this is not the case after drilling two holes.
Actual facts show that we only had shallow drilling (much lower than planned 12,500 depth) due to encountering faults in 2 drill holes therefore putting into question the depth of the basin itself and, whether the drilling equipment can drill any deeper safely. You cannot extract oil if you are unable to reach it.
Then you have the lack of a source rock even if it is not found. Jarvie stated that this is the key component. Without a source rock, you have nothing.
How does one justify a $1.4 billion market cap valuation based on these facts?