news out, page-5

Not sure why they put the following in when it is clear their current intention is to fund through a capital raising.....

"To form JVs for development and exploration; extract value and share risk „X e.g. for EOR development at Grieve, exploration drilling."

"Seek farm outs to reduce risk and provide exploration funding"



Funny how if phase1 of Grieve is worth $30mil.... directors came up with a valuation of the entire ELK assets of US$3.2mil as indicated by the current placement.......

"At current oil prices (US$50/bbl), 100% of Phase 1 of the project is worth around US$30 million
Total full field development therefore worth around US$100 million NPV10"

Jokes on us....Not sure whether to laugh or cry!!!!!