0.5c per share dividend, page-121

I suspect they will opt for the full Canadian loan advance given the strong uplift in production on the initial KP well works, which means they will throw in another $500k from their existing cash inflow into the investment sometime this month.

I think we will also start getting repaid this quarter from the initial loan of $400k. That's shows a really fast turn around for a 30% return. But I suspect we won't find many more deals as attractive as this. It seems to me Proton only took up the offer given they aren't exactly O&G guys (rather Hydrogen).

The stock price is below its liquid assets value, so it's relatively stable at 1.5/1.6c I think, but it won't get exciting until one of three things happen:

1. Announce a capital return or dividend strategy - unlikely until Myall Ck 2 is producing
2. Bring Myall Ck 2 online, anticipated to be in Nov/Dec, costing $1m, but being a very high flow well with multiple reservoirs
3. Announce more non-operating capital investments or lucrative short term loans for well development/upgrades to the existing Canadian customer or other small producers.

I think #3 will come first, I know the CEO has ants in his pants to do something with the capital sitting in the bank given shareholder pressure. But patience has been rewarding as small cap producers values have been in a steady decline for the past 12 months. So you can't fault the lack of action in hindsight. There wouldn't be a shortage of attractive investments reaching SHE's desk now especially with the Canadian consultant on board (highly regarded), so clearly they looking for the most lucrative, not just what is acceptable to us shareholders.

The investment decisions of SHE management in the past have been fantastic (turning $5m into $10m in 1.5 years), and but this time won't need a capital raise like they did last time to do it. It will be self funded, so the cost of dilution is no more.

A good sign for me that they have our best interests in mind is the lack of "free shares" to the inner circle. They are operating very transparently and fairly.

Given the floor price value of our liquid assets, and very patient management team looking for the most lucrative deals, ultimately it will be impatience that is going to be very costly for some existing shareholders, and patience for the others very rewarding. This is why I have been accumulating very subtly and slowly since it was around 1.2c back late last year. I think I even scooped some at 1.1 that day in November.