The Surtek report clearly puts the case for the chemical injection of the Grieve oil field. Not only is chemical the most cost effective , it would give cash flow 12-15 months ahead of Co2, can be financed with less than half the capital outlay, can be done in sections where early cash flow will finance further production, be financed easier and will ensure ELK retains more of the project.
Earlier announcements of 15-18 million barrel of recoverable oil have also been confirmed.
This company was funded by shareholders at 60 cents a share some 3 years ago and with the grieve reports and with the further acquisition of extesive known gas fields this little oil/gas co. has got to be worth dollars with what we now know.
This outfit is being run by highly experienced oil men now with the ability to put this into production with improving oil prices.
A tighly held co. with only 62 million shares on issue, it would appear the oversold share price could escalate very quickly from here. Cheers
ELK Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
