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METGASCO LTD (ASX:MEL)ELK PETROLEUM LIMITED (ASX:ELK) - Ann: MEL announces scrip merger with Elk Petroleum, page-12 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
MEL ELK

Ann: MEL announces scrip merger with Elk Petroleum, page-12

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  1. SelmaBouvier
    3,692 Posts.
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    22/12/14
    12:10
    Post #: 14495859
    So, for the MEL shareholders, it seems Elk have a new CEO (June 14) with experience in Joint Venture partnerships and plans to take the company to oil production stage. Maybe some Elk followers can tell us more about this.

    http://www.nextoilrush.com/meet-the-next-chapter-in-elk-petroleums-evolution/

    For those not familiar with MEL, they have spent ten years exploring in northern NSW and were in negotiations with LNG, who were at the time a major shareholder, to transport their gas to Gladstone, before they got held up by the NSW political climate which led to suspension of their exploration permit which has since been addressed in the NSW Supreme court (with no defense presented by the govt). A hearing result is expected any time. Metgasco are claiming unfair suspension and seeking damages in due course, being over 100 million to cover their now written offer capital investment of $100 million over ten years plus the drop in share price following the govt suspension. Plus the reinstatement of their licence.

    I believe these two companies could be good for each other. Dancing partners should be opposites not twins
    ELK Price at posting: 3.8¢ Sentiment: Buy Disclosure: Not Held
    MEL Price at posting: 5.0¢ Sentiment: Buy Disclosure: Held
    Likes Created with Sketch. 10  Upvote
    lightbulb Created with Sketch.  Great analysis
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