To be fair, exploration is always a risky proposition. You can't rely on an explorer to come in with the goods in any specific timeframe. A lot of it is good luck, exploration expertise is only part of the story.
From what I can work out, dealing with majors is fraught.
RXL shares an office with AZS, and some management. AZS company has had some exploration success and been stymied over the years for various reasons.
People have accused them of cynically being a lifestyle company but I think the calibre on AZS is high and I'd assume the same for RXL. Patience is key. Take a look at AZS and see what is going on for parallels and comparisons.
Ann: 2018 Exploration Strategy, page-7
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