Stonehorse energy projected profits, page-27

The reason is that the effective (E.V)/E ratio is near enough zero.
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The revenue will increase rapidly and the earnings will accumulate once they slow down the re-investment.
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The longer they re-invest for the bigger the payoff for share holders , but the more patient they will have to be.
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Some small holders lose patience and sell, to be honest SHE has been pretty stable for its market cap and swings in profit due to large investment. But two wells in 3 months and more to come, ..then what !
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Once dividends are paid then EV/E ration jumps from zero t o3 or whatever... should be great.