not happy jan

You must be kidding!!! As the 3rd largest shareholder with over 2.2mil shares, 3 holdings in the top 20 and been one of ELK strongest supporters I am seriously unhappy with this result.....Friend of mine is ropable, he has 700,000....I suspect plenty of you guys are going to be pretty unhappy as well....Having been on board since shortly after the float I have seen plenty....always given them the benefit of the doubt, but this just goes too far...

Hey, I have a great idea!!! lets see how low we can flog the shareprice and then raise a heap of capital!!!! how fun does that sound!!!!!

....$11.7mil raised on the back of the upper sands,...end result they couldnt afford $800,000 to drill the upper sands well.......it is now called the Grieve core well and needs a capital raising to fund it......After the first half of that money was blown to no effect half the board was removed and Peter was brought in...the first AGM i attended Peter stated that as long as he was in charge there would be no raisings and the company would work within its cashflow and use JVs to fund the rest.... I was a bit scepticle when Andy and Tony came on board having seen the performances of the other companys they were involved in....looks like my worst nightmare!!!! if I had the backers this would be the last capital raising they ever do at ELK...


Of course the question in my mind is why will the industry not JV ELKs assets from Nape, is it becouse the assets are overated and not worth investing in????? I certainly would not invest additional funds in a company that the industry will not invest in the assets...so count me out of any raising!!!...If the directors were confident in the assets then a much less dilutionary way would be to start with 1 project and success would give them either a higher shareprice to raise from, an asset to cover debt or an asset to sell and fund further work....they obviously do not have faith in the assets.....

One has to seriously question their ability to do deals....deals were not even done when oil was $150 a barrel, not surprised they cant do them now!!!!

Regardless of how much money they raise, it will only be a token amount with regards to the amount required to develop even the first stage of Grieve....so expect them to still JV it at considerable dilution to shareholders...

I thought ELK was different......Agent Copper, looks like you were on the money....

On the bright side at least we will have plenty of cash to pay the directors......

I apologise to anyone who bought on the basis of my posts...

Cheers