Ann: Financial advisor appointed for potential Grieve acquisition, page-13

I'm a Drillsearch holder and also have shares in Magellan Petroleum which has a U.S. CO2 enhanced oil recovery project .

These projects are capex intensive . They can flow like gang busters , especially for the first three years of production , but this may have to be preceded firstly by a pilot project and then by a full scale project requiring 2 years of injection .

For fields with old wells where the casing quality and alloy is questionable , it may be necessary to drill and case new injection wells and even use higher grade steel than normal to avoid corrosion due to carbonic acid which gets formed with C02 and water .

I'm hoping to buy in when the share price settles down after the Brad factor subsides .

Elk must buy U.S. projects now whilst assets are distressed so must raise money now to purchase them . Let's see what price the money men get let in at .