Brad Lingo appears to be starring in a new role for Elk Petroleum in a repeat performance of his MD/CEO role in Drillsearch albeit at a different theatre, in a different country, with a slightly different plot but hopefully the same ending.
Drillsearch’s assessment of Brad’s contribution to the company in its 3rd July 2015 ASX announcement of his resignation was: “Mr. Lingo has been CEO of Drillsearch for six years, during which time the company has been transformed from a junior explorer into one of the leading mid-tier oil and gas companies on the ASX with production of 3 million barrels of oil equivalent (MMboe) in FY2015.“
Brad Lingo looks to be well on the way to achieving the 3 MMboe annual production target for Elk and possibly in a much shorter time than he took for Drillsearch. The interest in the ConocoPhillips’ operated Madden Field and Lost Cabin gas plants that Elk is acquiring should contribute at least 1.2 MMboe for 2017 (and the foreseeable future). While the start-up of the Grieve enhanced oil recovery (EOR) project by Denbury later this year should contribute another 0.8 MMbo in 2018. That will be at least 2 MMboe per annum by 2018 and only after 3+years at Elk. Hopefully, Brad will achieve at least the same 8-fold increase in Elk’s share price as he did for Drillsearch. Repeat Performance Part 2 post follows
Newblood
ELK Price at posting:
7.6¢ Sentiment: Buy Disclosure: Held
