My experience (perhaps more in human nature than the market) is that one tries to 'play down' bad news, and 'big up' good news.
The comment 'material' in the trading halt request indicates to me that, from a human nature point of view, there's something positive coming.
My feeling would be that they would have something simple like 'trading halt for drilling update' if it was bad news.
Otherwise they would be overemphasising how bad it is, which is not normal human behaviour, regardless of disclosure requirements.
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