downward revision in reserves was reason for drop.i.e 2P reserves went from 10 to 8 years of life. It is perfectly understandle as they need to replace the 20 millloin a year in which they produce. That's at a 55,bopd rate. Also the big E exploration they have been hyping has been a disappointment so far. i.e I was loaded up and waiting for the results of that big potential game changer that truned out to be a dry hole.
However, given their extensive land holdings and the fertile ground and the effectiveness of 3d siesmic in the regaion I think they will ultimately be able to replace reserves, which at 8 years isn't very long. And a drop of 20% in reserve base brings into question just how reliable is their reserve estimates.
I do look on this as a buying opportunity, but the drop in share price is understandble.