Ann: Greater Erregulla and Walyering Update, page-78

If you need a detailed rundown, go back and read adaltiora's old posts. They shouldn't be hard to find because they don't post very often (unlike some of us around here).

But as a short answer to your question.

The share price peaked last time after drilling finished and a capital raising, at 23 cents. This was completely necessary, but it halted the upward momentum of the stock. Although the drilling results were beyond many of our wildests dreams, the share price then drifted slowly lower, in large part, because that's what happens to O&G explorers without near-term drilling (we just got back to drilling recently) and then the whole COVID thing hit, decimating the whole sector. So when you look at the recent dip, that had nothing to do with the company's fundamentals. In fact, COVID might turn out to be the best thing that happened to company.

That's brief answer to you question. But again, check out Adaltiora's missives (they are a great historical resource synthesising many of the broader points we were debating at the time) and maybe read the Q4 report from last year.

Good luck.