Ann: Quarterly Activity and Cashflow Report, page-152

Carrying on from before.

IF Stonehorse energy takes advantage of their earned 3 sections , and assume the cost is half of the original due to it being earned(see announcement) and assume that the sections have the same production volume as current Gryphon well then we can estimate future EBITA flow over the next 36 months,

IT is assumed the earned section is only half the cost of an unearned section.

Units are in thousands of $AUD.




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Note have not factored 6263 fixed cost for condensates per month.
Have not factored the fixed cost 0.97 per bbl of NGL.
Have not factored in cooporation tax( note Stonehorse has very large tax credit more than sufficient to offset the tax).
Have assumed fixed cost as around 1000,000 AUD per year.
The production curve is taken from estimate production curve from a stone horse announcement.
The estimate of earned section cost is assumed to be 50% of that of the initial gryphon well.
Have assumed that Stone horse does not take advantage of the Certus earned sections.
Have ignored the proton loan 418,000 owed to stonehorse and its 40% APR payable to stonehorse.
Have ignored stonehorse share holdings in BRK.
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Their is probably other items also missed out,
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I would like to thank david deloub for giving such concise straightforward answers to the recent questions that enabled this calculation to occur.


The is speculative projection but based on the latest information available to myself.

I am a amateur investor, do your own research to see if it matches, let me know if it does not.