look on the bright side, page-4

In case there is any doubt as to how it has been interpreted here is the blurb from the newswire in chronological order:

1301 [Dow Jones] Hardman (HDR.AU) slashes Chinguetti reserves, says oil
recovery not much above 50% of estimate. Stock down 5.5% at A$1.46, earlier
hitting A$1.39 on big volume of nearly 17 million shares. "It's a disaster,"
says senior institutional trader. Says stock should be A$1.00. Argues it would
be A$1.15 by now if not for thin lunchtime trading. Chart support A$1.36,
A$1.04; resistance A$1.66. (DWR)


1313 [Dow Jones] Hardman (HDR.AU) likely to be hammered down to 2 1/2 year
low of A$1.00 vs current A$1.46 after halving Chinguetti forecast, says senior
institutional trader. Argues that Chinguetti disappointment makes it extremely
unlikely that Tiof development will go ahead. Tiof geology much more complicated
than Chinguetti, a point conceded by Woodside CEO Don Voelte. Shares lates down
6.2% at A$1.45, though off day's low A$1.39. (DWR)


1410 [Dow Jones]Woodside Petroleum (WPL.AU) says it can't confirm a Hardman
(HDR.AU) statement that Chinguetti likely to be half of original forecast. "We
don't feel that we are in a position at the moment to be giving any really firm
steer on reserves," a Woodside spokesman says. Says the reserves are currently
under review and should be known by the end of the year. Hardman shares tumble
6.8% to A$1.45, WPL off 1.1% at A$43.20. (APW)