In case there is any doubt as to how it has been interpreted...

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)