? Elk has entered an agreement with ExxonMobil for the supply of Carbon Dioxide (CO2). ? Agreement marks the transition into the development planning stage of its key asset. ? Expert simulation studies indicate potential for crude recovery in excess of 20 million barrels of oil. ? Injection of CO2 is planned to commence in the first half of 2012. ? Independent experts engaged to certify and classify the Grieve crude resource. ? The CO2 supply agreement contains several conditions precedent including the securing of funding for the development of the project; Elk is pursuing a range of options to fund the project and is in discussions with number of parties that have, at this stage, indicated strong interest to participate in development of the project.
ELK Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held