Ann: Farm-out of High Impact Rafael Shallow Exploration Well, page-48

I also think, as you've said, lost confidence. Tom and team have missed too many (of their own) deadlines and that comes at a cost... that cost being confidence and a willingness to invest further and drive SP higher.
It's fair to say that their 8th life has been used and this Executive team are now in the a now where they still have the chance become hero's, but they are out of lives... no more missed deadlines, near enough efforts or second chances.
Good news is that we now have the Partnership in place and presumably a drill rig secured soon. Drilling starting in Q3 will certainly go a long way to rebuilding the lost confidence.