I think you might be partially correct with director selling but...

I think you might be partially correct with director selling but main drop due to panic from investors after dow dropped.
income not too far away so they won't be bothering with short term fund flow from other ventures in my opinion.
a reserve increase will only increase their potential, conseqeuently sp value, and I believe is not too far off anyway.

long term position situation is that they are probably waiting to be trumped with a good offer but that is probably a way off yet..