Elk reserves update

ELK have just released on ASX an update of reserves for its Grieve project in USA.
I only had a quick read.
I admit I do not fully understand some of the technical jargon.
But the pictures are easier!

They detail their % share of 2P reserves.
They then display a graph below to detail the estimated IRR (Internal Rate of Return) for the project for ELK's share.

Have a look at the IRR for 2P ! (it's 2P numbers that banks etc lend on).

It appears to show that ELK needs the price of oil to be US$53 /bbl just to break-even ??? !!! Is that correct?

am not clear if that is Brent or WTI.

WHAT IS THE POO NOW?   WTI US$46.23  and   US$49.60  for Brent.

where is the Risk/Reward ratio for MEL s/h?
I am sure there is a lot more to this deal, but it does not leap out to me.

I am not sure if I have interpreted this correctly.
If it is correct, then at the very least, MEL s/h need an expert to determine if this project, and investment, is in their best interests.

Have good read of the release

cheers