RE:Pirate Ship !!!Seeking Alpha records most of the conference calls and transcribes them into text. You can go to their website and find them for most pubic traded companies.
This is pasted directly from the 6/28/23 Press Release on Wei and to me it appears to clearly read that hydrocarbon-bearing sands are not pay and that the lab would be determing net pay. It was just much lower than we expected.
"The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon. The joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third party laboratory over the next two to three months to define net pay and a basis for the evaluation of this interval."