The drilling into the Grieve upper sands is STILL a Wild Cat well.
If you read the announcement you will note that the independent consultants were of the view that the significant oil volumes were contained within the Lower Sussex, the Upper Shannon and the 1st & 2nd Frontier ormations - NOT the top 3 of the Upper Sands where this drill is being targeted.
On that basis, it should still be considered a wild cat, but any success is certainly going to move the share price big time if last's February's action is any indication (when they first announced the Upper Sands potential and the price hit $1.30+).
Anyway...I'm only writing that so that people understand the context here...I am very positive on the prospects for ELK and do hold them.
If they discover oil here then it bodes VERY WELL for them given all the other work they have done in the meantime to UP production output at Sand Draw South to 250+ BOPD
ELK Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
