Can you give us any facts about this water?....
such as:
Can non-polar (steroid) molecules dissolve in it?
Will oil dissolve in it?
...umm...
I ask because, you see, steroid molecules are non-polar and will not dissolve in a polar liquid (i.e. water). Steroids will dissolve in non-polar liquids (alcohol, oils, etc.). Plus, there is the pain factor...when the steroid comes out of (precipitates out of) the oil depot, it crystallizes, and therefore causes pain. Esters (i.e. acetate, propionate, phenylpropionate, cypionate, etc) are added to the steroids to increase their soluability in the oil and to slow the speed of their release into the blood stream...this minimizes the crystallzation, and therefore lessens the pain... so if you could find out some more info on this stuff, then it might be helpful depending on what the research says...
Sorry for the quick science lesson...