patersons report, page-25

Last year Elk were talking of using the debt market in the US to fund the developement of the upper sands. They look like they will have enough money to cover SDS workovers, a few workovers at Ash creek, implement the jv co2 flood and drill a well to test the upper sands. The production should then allow them to borrow money to develop the upper sands. And therefor limit the need for any dilution. In the last investor presentation the company did state that they intended to " work within the current available capital".
cheers