There are a few reasons. Firstly the company has failed to...

There are a few reasons. Firstly the company has failed to outline and stick to a comprehensive plan to return shareholders a profit. To be fair they have vaguely talked along the lines of acquire land, prove up resources then monetise. But those plans have been chopped and changed and the message muddied. Also management have been really dodgey with cap raises, director freebies, loans and other poor management optics.

The market simply doesn't believe the board can convert their land holdings in to significant cash at anywhere near what the company have announced their value should be.

Progress this year has been slow. We're nearly in September. Wolf Pack was completed seven months ago, the simple vertical will Juanita is the only tangible thing Brookside have done this year. The market thinks that's pretty pathetic.

Sure, negotiation on a land sale or development is complex, but the reality is that's all the board have been doing this all year and it doesn't seem we're any closer to a win, reaffirming what the markets believes, that Brookside management can't pull it off.

There seem to be valid reasons, like the development of nearby acreage that will provide a proof of concept as to how BRK could realise it's oil assets. But maybe that's an excuse and not a reason?

In my view the clock is ticking. Brookside won't want to finish the year without significant progress on monitisation - drilling one vertical well and seemingly without actionable plans for the future is a bad bad year.