Encouraging results don't seem to be too encouraging to me.
Sounds like no oil and a bit of gas - much like the way I feel some monday mornings.
If I understand correctly, drilling is complete - since there was no mention of resuming drilling, just doing the tests -- so I assume the bottom formation (which it seems they've reached) yielded zip.
My guess is if / when they remove the lost bits, tests will be conducted to "further enhance their understanding of the structures", but the well is not of commercial value.
Or am I being too negative?
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held