what is 11.4 million barrels of 2p oil worth, page-23

So doolang what you are saying is that the confirmation of 2P will not add any real value to ELK in that the EORI was enough to justify it hitting $1, and another 50c at a max for confirmation of 2P reserves. So effective ELK is only worth $60to $90m with some 23m of 2P reserves.

Say it is pumping 10,000 barrels a day or some $400,000 or $2.8m a week or $140m a year in profit or some $2.20 per share in profit. to me it would be proably a $20 share

Or are you simply using a chart to determine your approximation. If you are charts really do not respond well to changes in fundementals very well. Reference to some of the recent crashes where many chartists were caught thinking support levels had been reached.

that is why some persons sell out before true value is reached. If anything close to the 23m is certified as 2P and the co2 supply is signed, a cap value of some $300m plus is not unachieveable