True, it is not molten. But water ‘projectiles’ can penetrate 1 cm of steel according to the article below.
Excellent article with details. Maybe too many details.
http://www.globalsecurity.org/military/systems/munitions/bullets2-shaped-charge.htm
Weapons tech versus use in the oil industry are apples and oranges, but it might lead to people (in Iran) learning about shaped charges via oil applications and then use that expertise to develop weapons based on an offshoot of this technology.
There is a very famous weapon that is not mentioned in the article, which implies this technology is still classified.
That weapon is of concern...