Hmmm... I have read through it twice. Yes, production has...

Hmmm...
I have read through it twice.
Yes, production has increased a lot (with a full quarter of Aneth). Yet....
I feel very underwhelmed. Total cash movements I believe saw ELK down by about US $3m.
Am I right? They paid down some debt, but.. took on another $4.4m. They had $7.5m in cash, now down to $1m.

That is after a big increase in the oil price, even with Aneth's hedges, they are still getting a price higher than expected. Capital works starting to kick in as well, which will eventually lead to a higher production rate for Aneth going forward, but... for now...

I know Grieve will start to kick in soon, but... they are commissioning and for now, won't be making any money on it yet.

Debt refinance by November will be important, but... 6 months away.

For now, I cannot buy in, but will keep watching. Although I readily admit I missed the big rise from $0.06 to $0.10, that was before all the hard stuff like actually producing etc kicked in.


Interested to hear what holders think?