Join our daily newsletter At The Bell to receive exclusive market insights
- Stonehorse Energy (SHE) has finalised the purchase of a minority working interest in another well in Oklahoma
- The non-operated working interest if for 0.21 per cent of the Continental Resources operated Randolph well
- The company says it’s the first investment funded directly from its operating cashflows
- On market close, Stonehorse remains unchanged, selling at 7 cents apiece.
Stonehorse Energy (SHE) has finalised the purchase of a minority working interest in a Well in Oklahoma.
The Perth based company has a 0.21 per cent non-operated working interest in the Randolph Well, which is located in the STACK play in the Andarko Basin.
The Randolph1-34-27 XHM Well is operated by U.S. company Continental Resources and has reportedly generated a total of 67,000 barrels of oil, and 4,777 MMcf of gas in its first 16 months.
This follows the purchase of a working interest in two other well bores in the Anadarko Basin last October.
The company says this most recent investment was funded by its operational cashflows.
And the investment marks the completion of the company’s stated investments in their Use of Funds table
Stonehorse’s Executive Director David Deloub said the investment is part of the company’s growth plans.
“The investment in this well is consistent with the company’s long-term strategy of building a portfolio of cash-generating oil and gas assets with Working Interests reflecting risk appetite and capital availability,” David said.
Pleasingly, this is Stonehorse’s first investment funded directly from the company’s operating cashflows,” he added.
On market close, Stonehorse remains unchanged, selling at 7 cents apiece.
