Ann: Quarterly Activity and Cashflow Report, page-7

Overall, a decent quarterly albeit not much new info.

Main production data is solid - " Stonehorse’s portfolio of working interests in oil and gas wells generated approximately 81,250 BOE for the quarter or 900 BOE per day."

Leading to solid quarterly cashflow of pretty much AUD $1m - now that Canada Initial Production has close to plateaued (over 1 year now for Caroline), can we extrapolate this run rate out to $4m per annum FCF (before new well capex) ??

This part I found interesting - "Canadian Reserve estimates for the Company’s working interest in producing wells and reserves is underway with the engagement of reserve estimator GLJ". I don't recall SHE ever publishing reserves estimates in the past, focusing mainly on production data. This should give a good look-ahead and help with giving some data points for the market to assess relative value (compared to peer reserves, as well as just cashflow and cash balance)

This part I found disappointing (but maybe not surprising) - "Myall-Creek 2 (MC-2). ADZ (formerly Armour Energy) continues to progress the frac design. Stonehorse has been advised that all frac operations have been delayed into 2025 as frac spreads in high demand through the second half of the year and none currently available until December at the earliest. The hole in the tubing previously identified has led to
planned “pull and replace” scheduled for Q4 this calendar year with the frac now planned in Q2-CY25."

Now that we are stacking cash again, it will be great the accompany the Reserves Estimate announcement with a bit of publicity and marketing!!