As we all know:Cash at 31/7/2024 was 5,475,480 Profit before tax...

As we all know:
Cash at 31/7/2024 was 5,475,480 Profit before tax last quarter was 0.972 million
Profit before tax per year at same rate is around 3.88 million
New wells appearing to be slowing down at around 10% per year
Tax on profits is around 30%

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Putting all that into the spread sheet below we can see Cash accumulated in last column

	Date	Profit before tax	Profit after Tax	Projected Cash accumulated
1	31/07/2024	3,888,000	2,721,600	5,475,481
2	31/07/2025	3,499,200	2,449,440	7,924,921
3	31/07/2026	3,149,280	2,204,496	10,129,417
4	31/07/2027	2,834,352	1,984,046	12,113,463
5	30/07/2028	2,550,917	1,785,642	13,899,105
6	30/07/2029	2,295,825	1,607,078	15,506,182

In Picture format:

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Even if Stonehorse Energy opens up no more wells then it is on track to to accumulate cash.
Factoring in the decay rate of 10% per year and tax of 30% then within 5 years SHE would have accumulated around 15.5 million or around 3 times it current market cap.
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The New wells are not high impact wells with David indicating they will continue pumping for another 20 years, though SHE Analyst use 10 years in their models.
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SHE has unused Tax benefits that may offset future tax's.
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IF SHE opens up more Certus like wells as they indicated then 5 years time would look even more profitable.
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Oil stocks on the ASX appears to be in a bear market at the moment despite oil demand increasing and prices holding steady.