AGM Address to Shareholders - Chairman
Sydney, Nov 20, 2017 AEST (ABN Newswire) - Elk Petroleum Limited (
ASX:ELK) (EKPTF:OTCMKTS) provides the Company's AGM Address to Shareholders.
CHAIRMAN'S COMMENTS
KEYS TO SUCCESS SO FAR
- Expanded shareholder base
- Revitalised management
- Low oil price window of opportunity
- FOCUS & DELIVERY!
Elk now recognised as major player in CO2-EOR industry
Expanded shareholder base
- Old S/H: ongoing support
- New S/H: provided major funds for recovery activity
Revitalised management
- Pre-investment in additional staffing & leadership to undertake revised strategic plan
Low oil price window of opportunity
- Unique once-in-a-cycle access window to asset sales from distressed companies
Focus & Delivery
3 Corporate transactions:
- Grieve Oil Field JV Restructure (49% WI; 2P Reserves = 5.3 mmbo)
o Locked in timing and cost of project completion; increased equity and resolved JV disputes
o 1st oil in late 2017/early 2018
- Madden gas field (14% WI; 2P Reserves = 15.0 mmboe)
o 33rd largest gas field in US
o Large by comparison to onshore gas fields in Australia
- Greater Aneth Oil Acquisition (63%WI; 2P Reserves= 43.7 mmbo)
o 86th largest oil field in USA
o Large by comparison to onshore oils fields in Australia
Major debt funding from US sources to minimise need for new equity
Early value enhancements
Retention of Elk's Grieve-Casper oil pipeline
Elk is 1 of only 2 CO2-EOR producers with own sources of CO2 in the US Rockies
To view the full presentation of Chairman's comments, please visit:
http://abnnewswire.net/lnk/583IT1YC
To view the Managing Director Presentation, please visit:
http://abnnewswire.net/lnk/312459CP
About Elk Petroleum Limited
Elk Petroleum Limited (ASX:ELK) (OTCMKTS:EKPTF) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company’s strategy of finding and exploiting oil field reserves.
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