2 years ago when ELK attempted to drill the upper sands they used their geological experience to choose the site for the 31-21well, their experience chose a location in a different area from a number of wells that had live oil flowing to the surface....end result no oil, common sense should of told them to drill where the oil was!!!
They planned to drill the new well just as far from the oil shows..lucky for ELK shareholders the Rancher was on the job and told them they were trying to drill the wrong location...we pay good money for these bad decisions....yet the Ranchers good advice was free....Andy described it as "fortuitous" in the latest market release, how scary is that!!!!!! they feel lucky that the Ranchers actions avoided them from making a bad decision!!!!!!!!! I apologise for mentioning it again, but what a joke!!!
Just for you DJ...... From memeory about 5 of the upper sands have been tested (in the wrong place) that leaves 3 left to test, with the most likely being Frontier sands.....the 2 Frontier sands are estimated to contain 13.4 + 18mil barrels OOIP....based on MHA petroleum consultants figures it was expected around 4.7 + 6.3 could be recovered from the sands if proven to be productive.....
If ELK were successful in one of these sands we could be off and running, 2 sands would be even better...the punters who have not followed the stock will all jump on board, shareprice will take off, as it has done several times before ....however this time we need good decisions made by the directors, that is why I propose that we vote the Rancher onto the board as CEO....... Cheers
ELK Price at posting:
11.5¢ Sentiment: None Disclosure: Held
