Big Dump and Capitulation, page-70

Here's a few:
- Lots of expensive debt
- Even more expensive debt is still needed which has not yet been secured against the backdrop of falling oil prices
- Poor management that has destroyed shareholder value through successive capital raisings at lower and lower prices
- Development in a far flung developing country
- A non-working relationship with the operator due to the rent seeking legal battle

So the market is may be pricing in super expensive debt and/or another even more dilutionary capital raising at even lower prices in the 3 cent range, loss of PE, or win of PE but more uncertainty created over the project (pyrrhic victory), and the lack of management capability to know how to run the company.