I read that aspect as “Pavo-1 didn’t turn out like we’d hoped but we learned a lot more about the geology” just setting up expectations, since I think some people’s are too high, and others too low, this announcement is aimed to make sure the next announcement is received in the most positive or neutral way possible. The assumption here is that whilst they (CVN) haven’t spilled the beans on Pavo-1 in this announcement that they have hinted.
Ann: Corporate Presentation, page-3
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