Caroline is a liquid rich gas well where the liquids are...

Caroline is a liquid rich gas well where the liquids are condensate and NGL’s

Condensate can be “classified “as a very light oil which is why it can trade at a premium to oil but it is not in reality a crude oil.


STONEHORSE INCREASES OIL AND GAS INVESTMENT INCANADA BY PARTICIPATING IN NEW LIQUIDS RICH GAS WELLLOCATED IN CENTRAL ALBERTA, CANADA.Perth, Western Australia – 21st July 2023 – Stonehorse Energy Limited (ASX: SHE) is pleased toannounce that the company has recently entered into a Participation Agreement with Canadian based CertusOil & Gas Inc (Certus) to earn a 26.25% Net Working Interest in the proposed Certus 1-27-33 liquids rich gaswell located in Central Alberta, Canada.HIGHLIGHTS➢ High Graded Opportunity – strong short-cycle return on investment in current price environment.➢ Due diligence has been completed on the reservoir, well location, production battery, gathering systemand the deep cut gas plant.➢ Strong Offset Well Performance - Offset Taqa well has made 1.75 Bcf (292 MBOE) in 16 months.

To produce condensate you need a gas well, but you don’t need a gas well to produce oil. An oil well will typically produce “ associated” gas that is dissolved in the oil reservoir.