Stonehorse Deepens Canadian Footprint With Second Drumheller Well

Stonehorse Energy Ltd ( (AU:SHE) ) has shared an announcement.

Stonehorse Energy is expanding its onshore oil portfolio in Western Canada by participating in a second well in the Drumheller area of Alberta, under a three-well agreement with the operator behind its successful Drumheller #1 well. The company will invest C$1.85 million to secure a 35% working interest in the Drumheller #2 well, aligned with its strategy of partnering with basin experts to grow its footprint in key North American plays.

The Drumheller #2 well targets the light oil-rich Ellerslie Reservoir, which has demonstrated strong liquids production and sustained growth, and will be drilled from an existing pad with infrastructure in place to enable rapid tie-in to production and sales. Stonehorse also holds rights to participate in two further wells in the Drumheller area on similar terms, with the operator controlling more than 80 potential locations, underscoring a material runway for future development and potential production growth for the company.

The most recent analyst rating on (AU:SHE) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Stonehorse Energy Ltd stock, see the AU:SHE Stock Forecast page.

More about Stonehorse Energy Ltd

Stonehorse Energy Ltd is an Australian-based exploration and production company focused on onshore oil and gas assets in Canada and the United States. The company’s strategy is to build a portfolio of high-quality wellbore interests, tailoring working interest levels to its risk appetite and capital availability, and it is listed on the ASX under the ticker SHE.

Technical Sentiment Signal: Sell

Current Market Cap: A$3.42M

See more insights into SHE stock on TipRanks’ Stock Analysis page.