Ann: Investor Presentation, page-140

"And Scott clearly says the Market miss interpreted the success of M1 since it doesn't show in the sh price."

I think to a large degree that would depend on h.ow much you understand about exploration drilling and the definitions of terms like "discovery" etc.

A lot of investors will be asking themselves how SM can talk about a M1 being a discovery when technically it wasn't. There's a high chance M2 will be able to be declared a discovery...but at the back of my mind I always have the thought that there's a chance that it may end up not being a discovery or a discovery but with a reservoir consisting of multiple thin sands with multiple contacts and perhaps also compartmentalization.