Having just read the entire presentation I think its all very...

Having just read the entire presentation I think its all very positive for Pavo. Clearly the wireline is not complete(sounds like it hasn't started yet). I think the presentation was planned to be published in support of the Dorado financing in which they say on the first slide "Dorado development: 2022 with be transformational for Carnarvon on FID". Clearly there is confidence that this is going to happen.

As far a Pavo is concerned there are references on three separate slides. Slide 12 is a little ambiguous but seems to suggest a further Pavo well. Slide 12 has 5 positive references: "Elevated gas and increased resistivity over 57 meters", "Strong indications of hydrocarbons", "Wireline operations next phase", "Hydrocarbon charge 40 km's east of Dorado" and "Reduction of risks for many prospects". While there is no indication of Oil or Gas in Pavo-1, the fact that Pavo is being compared to Dorado makes me think that oil is more likely (as per the pre-drill prognosis). This is further supported by Slide 17 which compares Fluid Escape Features (FEF's) in Dorado to that of Pavo which I believe is intended to show that these FEV's successfully indicated hydrocarbons in the reservoir. In fact, there is a comment that Apus has an FEF too and on the seismic they also suggest that it's got a flat spot as well.

Carnarvon have a habit of being conservative and non-committal in their press releases but their language in the presentation comes across as confident. It looks like we are just a few days away from a confirmatory RNS.