The targeted formation might be missing when drilling a well if insufficient exploration was carried out and lead to encounter unexpected geological structure or inaccurate positioning of the target. It can also be caused by inadequate analysis of exploration data (seismic, well data, core drill etc.) or may result from mistake of drilling operator when descending towards the reservoir. It is generally limited by thorough exploration work and precise seismic data interpretation.
More information is available on the project deliverable (link), or navigate on the online version.