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G'day Hendrous, luvvly day....
Alan Campbell stated (conference call last Friday) that its CSG rigs were currently 95% utilised with no pullback in demand likely given the rush to prove up reserves in the years ahead, & the growth projections for LNG to Asia where demand is expected to outstrip supply.
It was further noted that AJL had NIL exposure to mineral drilling; & coal drilling demand was still strong (from its mainly blue-chip client-base) but there was some pressure materialising to negotiate on contract prices.

In this light AJL should not be placed in the same basket as other drillers (eg, BLY which is debt-stressed & mainly exposed to the minerals sector.
Campbell further stressed that by being focussed on the energy & water sectors, it would manage to avoid the fallout other drillers were experiencing.
IMO the selldown is hugely overdone.
Part of the erosion in confidence has been the result of AJL's use of the buyback. Initially AJL saw value in its shares at $3.50. By witholding buying back at levels much lower, AJL hurt investors & also raised questions as to what info may be being withheld from "ordinary" shareholders.
The Half Yearly was keenly awaited in this light, however, rather than grasping the opportunity to soothe shareholders, it raised more questions. Falls since then can be put it down to dissatisfaction with the shambolic conference call, which started late, and made light of enquiries that should have been answered with conviction. In an environment where the sp has continued to contract despite the company's influential position within one of the few growth sectors...major holders & brokers needed to be assured at the C.call as to AJL strategic direction.
I think that AJL should issue to the market a clarifying statement addressing the questions raised. This will help to dispel the apparent crisis of confidence that has arisen recently amongst previously strong & assured company supporters.