the key difference betweeen the new Suretek study and the Ryder report is that this time a pilot study is possible, the pilot study will allow certification to move from R3 to R2, if a new bull phase has started in oil as appears to be the case
and the piloty study is started mid 2009 as predicted we could have R2 certification for say ? 18M barrels at say $55 a barrel by sept 2009 and be pumping oil by Q1-2 2010
These kinds of developments could put it past $1 fairly easily in the 12 mths time frame
ELK Price at posting:
18.5¢ Sentiment: LT Buy Disclosure: Held
