NWE are think are a good comparison as ELK are looking at...

NWE are think are a good comparison as ELK are looking at bringing in a JV partner to fund costs.for NWE I didnt take into account the other producing field they have, however i did base it on 100mil barrels recoverable from puffin of which only about 40 are in the 2p reserves (NWE share .5mil barrels) the rest I beleive is just a guess at what could be recoverable, similiar to what ELK had before the EORI report. On an absolutely worst case scenario I could imagine ELK being fully carried by a JV partner and retaining 5mill barrels. Correct me if I am wrong but that would still give ELK 5x the 2p of NWE. As for risk there is always the risk that the oil does not flow as expected and NWE earn less revenues, not only that but decline will set in quite quickly by which time NWE will need to have found another field and if their first 9 years are anything to go by it could be a long time between drinks.

Cheers