JRI Fireside chat with Scott Macmillan Tues. Nov 28 @ 9:00 Perth/12:00 Sydney, page-303

This was explained in context though, the initial net pay would be low that is announced with the discovery, but once they go analyse the data, the net pay will be upgraded significantly. Scott even gave examples of other companies that have released initial conservative numbers.

I understand your want for not being conservative, but I don’t think it was used in the context of SM being conservative, it’s that the numbers released will be conservative by the rules and you should judge these numbers as being conservative and expect a significant upgrade.