We all know how PB works, if there is good news it gets released...

We all know how PB works, if there is good news it gets released straight away but if there is bad news it either gets released at the last possible minute (normally on a Friday just before or after the market closes).

Sometimes the bad news just doesn't even get mentioned such as the failure to achieve a farm out deal on the shale.

Now that he has moved to the SGX I suspect there are less statutory requirements. I'm guessing he no longer has to release quarterly statements and hence no longer has to let you know what the production numbers are or the cash situation.

The conspiracy theory about holding back info so Institutions can buy more shares is very unlikely IMHO.
The shares are dropping as the company is running out of cash.
If they fail with the Alaska drilling again and also overrun on costs they are in serious financial trouble.

Based on the limited current information that the company has provided I estimate that they will run out of cash by September unless they can sell some Assets.

If they do sell some assets it will likely be at heavily discounted prices and will leave them with very little.

Every project they are trying to develop Alaska,Shale and UCG will require huge amounts of capital that they just do not have.

They have producing oil fields but every quarter they spend more on Capital and running costs than they get in revenue due to the high depletion rates.

The coal Royalty is the only real decent asset they have and there are doubts about what volumes of coal Adani will finally achieve so anyone buying this will want a substantial discount due to the uncertainty.