Topping it off, Zion played into their hands.
Though I believe it was unknowingly, yet still unwise, Zion kept saying "They could not comment on the commerciality of the MJ#1". This comment in and of itself led investors to have unrealistic expectations that an Exploratory Well could be commercialized. By all E&P Standards, the MJ#1 is a successful Exploratory Well, but is not currently viewed as such due to this unrealistic expectation.
Together with the unexpected departure of the CEO, Zion enabled the fall in their stock.
Its not all the bad guy's fault. 25% of the blame resides with poor management strategy.
Absolutely none of this has anything to do with the current, past, or future prospects of the MJ#1.