cash flow query, page-41

Macrae12,

I was also at the AGM and Mr Healy asked "if ELK did raise capital would they give all holders an opportunity to participate" The answer was ELK did not intent to raise capital.

The best outcome will a situation where there is competitive bidding at NAPE for the farm in on the gas plays early Feb. Gas could be the next big thing in the USA and if we got a large cash and carry, there will be no need for any capital raising.

I hold and have been averaging down and have bought a few at 15c. If there is any further weakness after what I assume will be a poor quarterly I will be buying more.

Cheers
DJ