Ann: Quarterly Activity and Cashflow Report, page-198

What if SHE open's 3 set's of wells over the next few years
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i.e.two more certus sections and 2 more Gryphon sections and then repeat the following year and then again and then one more time.

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So after 5 years cash holdings will be around 86 million , so ignore future cash flows , a 0 Enterprise value should result in a share price of 13 cents or 970% of its current share price.

Notice that as the number of wells and earned sections increase stonehorse energy begins to escape its fixed overheads, exactly as the CEO indicated in their early strategy outline a few years ago.
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Yes their has been a few delays ,but the strategy as others in the industry have said is SOLID.
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Of course opening up 3 sets of wells is tall ask ,and quite a feat to pull off within a few years, so banking on 1 set of wells this year,..i.e. 4 more wells in 2024.

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If they really are fortuitous and they start initiating more wells for 2025 the cash will go down in exchange for exceptional long term gains.
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Very easy to calculate all this, The NGL,GAS and condensate prices are available from alberta and from David Deloub.
The productions values are, as is the cost.. all the information is their ... all you have to do is piece it together.

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End of graphs.
DYOR and see for yourself.
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