I suspect the downward spiral today was created by institutions...

I suspect the downward spiral today was created by institutions implementing a strategy to build holding by dumping, creating fear, uncertainty and confusion, then hoovering up at a substantially larger holding at a 30% discount.
I see today as the strategy of a big player who wants a substantial holding of an increasingly de-risked explorer, soon to be producer.
Capital raising by a company in PTR's current position would not translate to 30% drop.
Capital raises are part of the exploration business model and usually done under some level of duress.
PTR is not in a position of duress.
The biggest game in town today was PTR.
An announcement tomorrow by the company reinforcing PTR's current cash position and ability to execute the next stages of the program would put this game to rest.
Someone is trying to play this stock on their own timeline.
The company need to take back control by clearly illustrating the next steps and confirming the financial resources to do so.

ASX failed to flag a "Please explain" which could have circumvented the spiral between 11am and 12.30.
ASX fails the retail investors again and give the insto's free passage, nothing new there.

Believe it or not today was probably a very positive sign that someone big sees great opportunity in PTR's future value, because it certainly wasn't a release that would elicit such an aggressive sell down.