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We illustrate how the combination of both ‘backward-looking’ and ‘forward-looking’ perspectives serves as a powerful catalyst for profitable exploration. The phrase ‘backward-looking’ refers to a company's discipline to rapidly learn from their past performance. The process utilizes tracking predictive performance to focus on patterns from exploration parameter results relative to forecasts. The learnings are implemented through technology applications and improved forecasts that can lead ultimately to a more predictive (i.e. calibrated) portfolio. This discipline may be viewed as time-consuming, but is a critical part of the role of a professional. Often we observe that a calibrated state of accurately...

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