Ann: Investor Presentation - Winx-1, page-25

Here my 2cents.

In the past 88E was able to show serious de-risking of IW#2, geo physics were good, comparisons to other successful fields (Haynsville and others) have been done. Investors became confident on a success, invested in 88E, SP raised accordingly.

Later on we had to learn "by pain" that IW#2 failed. Not as a whole, but for the moment. 

And I guess potential investors, who are not that familiar with the details of the 88E projects, see the current situation somehow similar to the past. "Ah, 88E has now another drill project, again announces "nice" information and backed up on respective scientific reseach!" 

So I guess these potential investors on the sidelines are quite hestitant to invest now in 88E by being afraid to experience the same as with IW#2.

The people who are confident with 88E (like me) are already in I guess. To get more and new invests in 88E the market need facts (drill success, definitive agreements with partners....).

As I wrote: just my 2cents....