- Originally listed as Nickelore Limited, the company has relisted today on the ASX as Stonehorse Energy
- The company is backed by industry veteran Rob Gardner who put over $1 million into the company’s startup strategy
- Utilising a step-in agreement with ASX-listed Brookside Energy, Stonehorse is already boasting interest in two separate American projects and access to a valuable pipeline
- Unfortunately for the company, opening on the ASX today saw its shares fall 30.8 per cent to 1.8 cents apiece
The ASX welcomes a new company into the mix this morning, Stonehorse Energy – a company focused on being ‘low-risk’ through diversified investments.
Stonehorse management stated today the business will operate on American shores, already coming into the market with two existing oil and gas assets.
The company also boasts access to a major pipeline in Oklahoma’s Anadarko Basin, said to be particularly valuable.
Originally listed as Nickelore Limited, news of the relisting first broke in April this year and gained recognition when industry veteran Rob Gardner backed the business.
Rob already dropped over $1 million to help fund the company’s startup strategy, putting money where his mouth is of over 28 years of working in the industry.
Before listing today, Stonehorse successfully raised $4,656,727 through a public offering.
The company is also boasting early success with talks of production already coming out of its first two wells.
Company Executive Director David Deloub spoke on the company’s outlook in a media release to shareholders today.
“Coming from a solid starting position including; revenue producing assets, a low cost base, a balance sheet unencumbered with debt and a pipeline of investment opportunities that will deliver results in the near term, we believe that an investment in Stonehorse warrants serious consideration for those wanting significantly de-risked oil and gas exposure,”
Unfortunately for Stonehorse, opening to the ASX this morning saw its shares fall 30.8 per cent.
The company opened at 1.9 cents apiece and briefly spiked to two cents, before falling to a low of 1.6 cents and quickly levelling at 1.8 cents each.
Stonehorse says it has plenty of worth to offer however, holding working interest and a large step-in agreement with ASX listed Brookside Energy.
The agreement already brings Stonehorse valuable interest from a well in Texas and Oklahoma, holding 25 per cent and 96.8 per cent respectively.
Both wells have been successfully drilled and ready for production. This same step-in agreement is what gives Stonehorse the access to the valuable pipeline in Anadarko Basin.
“We are particularly excited about the opportunities that are emerging from Brookside’s SWISH area in the SCOOP Play,” David Deloub said in these closing statements.
“There is currently a lot of activity in this area with several rigs operating and generating significant success, so the opportunity to invest in this operated project could deliver material upside for Stonehorse,”