Ann: Trading Halt , page-20

The presentation Wickerman referred to 'Excellence in oil & gas' released 8th April 09 by ELK is well worth a read if you are waiting around for ELK to announce.

This may be what they are setting us up for with this raising.

They assume 100% ELK ownership and a 100% debt funded phase 1.

SO ... I wonder of they are being forced to raise as a contingency on receiving debt funding ... or they may not have been able to borrow the full amount .. we shall know soon.

Phase 1 CAPEX does appear to be around the $15mill mark.

Break even oil price is $32 (with debt funding).Phase 1 peaks at 2,000bopd and full field @5,000.

The numbers will look very good @$77 oil with the date the project becomes cash flow positive being brought forward quite a bit.