Elk has received the final report from the Enhanced Oil Recovery Institute (EORI) of the University of Wyoming covering their evaluation of the gravity stable CO2 flood of the Muddy reservoir of the Grieve Field. The report provides further detail confirming the earlier reported 23 million barrels of recoverable oil possible from the Muddy reservoir. The report indicates that a production rate of 8,000 - 12,000 barrels of oil per day (BOPD) is achievable once the field is re-pressurised. Re-pressurisation, as modelled, is expected to take at least 2 ¼ years. An actual residual oil saturation test performed by Chemical Tracers Inc provided a close correlation to simulated results. The Company has appointed an Engineering Manager.
ELK Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
