Anyone Else wish they had sold at 0.012??, page-107

Interesting reply ... partly true IMO (the small pocket of oil conjecture maybe).

Seismic is simply (intentionally simplifying) an attempt to create and interpret the sub-surface profile providing leads where drilling would have best chance of geological success. Seismic detects presence of fluids (but AFAIK it can't determine the difference between oil and water) and bright spots and flats spots are great but they do not "find out exactly where the oil lies". If only it were that easy!!!

It is the exploration well that conclusively determines the presence of hydrocarbons. Flow testing provides the rough determination of commerciality. The company tells very plainly of the risks involved and of course everyone here has acknowledged many times that they have invested in a "high risk speculative activity" (the same description given by AKK).

AKK themselves note it (i.e as written in their 2nd half report released to market on Mar 15, 2016 as "identified a series of high impact oil exploration targets in the Pierre formation"
and go on to say that the C18#2 well
"is targeting the oil rich Pierre shale formation, following an extensive high definition geophysical 3D seismic survey undertaken by Austin in Section 18 of this highly prospective project".
which is then further reference as
"State-of-the-art "zig-zag" high definition 3D seismic program was successfully completed which has identified several high grade exploration targets"

So all the extensive pre-drill examination - which you would reasonable expect to have selected the best lead for an exploration target to drill a well - has come up short (as explained by@rattle as an oil pocket)

Such is life at an E&P company.

But wait there is another assertion made by @rattle that
"the gap between that well and now which has been taken up by a lot of Seismic activity"

OK what was seismic activity was that during the gap? That would be no seismic activity during the gap - as AKK informed the market of the following in the $1.7M placement on June 10th.

* fast track the drilling program
* preparations to drill two back to back wells are advancing
* this sequential three well program has been designed to maximize operational and drilling efficiencies, minimize costs and maximize production potential
* the capital raised from this placement will be allocated to drilling two more high impact targets that the company has identified

There is no suggestion of any additional seismic activity let alone a lot of it. However I would not be surprised to learn of some late further review or even re evaluation of the next high impact targets. If (?) there were well logs then those would be mighty handy to have about.

After all, if the C18#2 discovery well (now Magellan) was "successful in identifying natural fractures in the Pierre formation that are filled with crude oil", then you would have to hope they didn't kick off the campaign with a well that just hit a small pocket in the large gross column of oil.