Ann: Canadian Operations Update - Expect Production to Sales- Oct, page-40

	Table for Cash+Recent income + BRK etc shares	AUD$	Per Share AUD$
1	SHE Share price (1)	0.015
2	NumberStonehorse energy shares (2)	684,435,083
3	SHE Market Cap (3)=(1)*(2)	10,266,526	0.015
4	SHE Cash in bank $ on30/6/2023(4)	10,710,865
5	SHE Profit before tax , last 3 months (5)	340,395
6	SHE Estimated Income 3 1/6/2023 topost(today) (6)	410,339
7	SHE Estimated cash in bank (7)= (6)+(4)	11,121,204	0.0162
8	BRK + DMG Shares $ value @01.1c & 0.09c (8)	503,070
9	investmentin Wapiti well AUD$l (9)	-1,573,200
10	Liquid assets (Cash+BRK-gryphone investment) (10)	10,051,074	0.0147
11	Proton KP 5 loan Principle +interest for this qtr (11)	462,086
12	assets(Cash+BRK+Proton)Exl Wells (12)=(11)+(10)	10,513,161	0.0154
13	Enterprise Value( lower the better)=(3)- (7)	-246,634

WTI oil passed $89 USD today and is rising.





Certus O&G well fully paid for and successfully drilled, soon to know production and then potential sales.

Loan made to proton with a 40% APR should be paying interest plus principle still owed to SHE.

Carrying tax losses forward so can offsetcurrent / future tax's,

SHE has cash

Gryphon well about to be spudded., Light oil well should give a ROI 50% higher than Certus well.

Even subtracting the cost the Gryphon well from SHE current cash holdings still leaves Stonehorse energy with more liquid assets than its market cap. (see table above).

Oil is showing a strong demand up, with winter approaching in northern hemisphere, Russia pipeline amongst others not supplying O&G to Europe, potential sanctions against Iran and Strategic petroleum reserve multi decade record low.

Can Stonehorse production time its initial O&G production to coincide with high O&G prices in the Macro O&G climates as they did with the Juwel well !.