0.5c per share dividend, page-136

SHE doesn't produce estimated numbers in the quarterly. Also, the decline rates on its main asset and several others are publicly available, you should find them online. The cash inflows at current oil prices are no doubt going to reduce because of the lower oil price, however all decline rates are largely moderated as all of SHE's assets have been producing for at least a year or more.

It's clear this "boring period" is reflected in the share price, as its valued approx 20% less than liquid net assets, i.e. negative EV.

Also, SHE invests in low cost wells, so the break even price is far lower than current oil prices. Don't take my word for it, you'll see it show in this quarters report. It might also explain why SHE chose to step away from the latest investments made by BRK - you should know all about this...

You are however unaware of how revenue is generated, because selling BRK shares doesn't generate any revenue. It's an investment asset they own. So selling it would be generating capital, not revenue. Just because its valued FVTPL (i.e. marked to market through the profit & loss, doesn't make it revenue when sold).

SHE may be priced as if its dormant, but that's hardly the case. Management are reviewing a stream of potential projects for investment, and we don't know when any will complete. It's just a matter of transparency, which is understandable. Also, every quarter for the past year this company has generated positive cash flow, so value is being created, even though not reflected in the SP. Let's compare this to one of its closest market peers, which ironically happens to be the company that you have a BUY recommendation on.

- the peer has burnt $13m this year so far (to March qtr) and $9.5m last year.
- it has $17m cash on hand, versus $68m market cap
- it has raised equity last year and the year before, at steep discounts, and both times to pay down debts racked up.

Let's compare to SHE
- SHE generated $2.1m this year to date, and $4m last year
- SHE has $10.6m cash on hand, versus $10.2m market cap (liquid net assets are closer to $12m), and never had debt.
- SHE has raised equity only once since listing, and it has been for an investment which has netted its full return back already, evidenced as cash on hand, and also raised at a 40% premium to current prices.

That investment made possible by SHE's capital raise continues to generate cash, and has also already funded $ millions into other investments in Myall Ck project and others offshore. So not only was it a good investment, the returns are responsibly managed.

Now comparing to the peer, the peer's starting shares on issue (at IPO in 2020) was 1.25 BILLION, which is now in 3 short years grown to 5 BILLION (approx 8x more than SHE).
Cash at IPO $1.5m, cash today $17m, growth of $15.5m but total raised by dilution on market $37.5m, most of which lower than current share price.

The crazy amount of dilution of the peer is due to very cheap oppies, whereas SHE's only options had expired worthless with an exercise price of 4c, a price that it had never achieved before, and was a genuine performance target which aligned very well with shareholders' interests.

The fact the market is currently treating SHE as if it's dormant has enabled me to build a relatively large holding over the past 6 months. So I see it as a positive, rather than a negative. I know this phase can't last forever.