having gone back and looked in detail, it is likely we are...

having gone back and looked in detail, it is likely we are missing Feb and March revenue in the reported cash profit this quarter. It's also likely the receivables balance at 31 March won't reflect these two quarters, because invoicing isn't done until some time after the end of each month.

I suspect its about $250k per month worth of revenue, in line with your figures. Current cash 5.6m + proton loan 0.4m + brk 0.6m + receivable revenue 0.5m = $7.1m. Market cap $8m. So the EV is only about $1m or so using these figures.

In addition to the stronger oil price this quarter so far, I think the Canadian producers are going to get a tidy boost in margins with the new pipeline opening up any day now, boosting margins by around US$7-9 per barrel across the board. What would this do for SHE? On my numbers, if we assume around 400BOE/day run-rate this is almost US$300k per quarter.

Whether you expect $250k or $500k for cash profit per quarter, on an EV of around $1m SHE remains very cheaply priced.

Just my opinions.