The Times yesterday had it as 70% water not 70% oil in the samples. They seem to be the unfortunate victims of gossip getting out of hand and having to release information/speculation before it was definite. It says this company has been trying to find oil for 12 years with not a whole lot of success.
But someone always finds a silver lining....
Lionel Therond, an analyst at FD Capital, maintained that despite the "obviously disastrous blow to the stock" the "over reaction today offers a buying opportunity".
Presumably to sell again just before the next fall off the cliff.