Ann: Quarterly Activity and Cashflow Report, page-44

Wow, a $10m market cap for a debt laden company that had no way to pay its own obligations let alone make a profit, and here we are. SHE is valued the same amount, but almost fully cash backed, substantial de-risked operating investments having just entered production, and a long runway of subsequent investment proposals likely funded from only a small share of future profit.

I think SHE is doing well for two main reasons. First, they have maintained a substantial cash buffer (more than what a lot of investors wanted, but I think it was the right way to go during a high oil price volatility period). Secondly, for the timing of their investments. Each time they've invested, it was at a market low, which is why the investment payback periods are all looking very nice and short.