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METGASCO LTD (ASX:MEL)ELK PETROLEUM LIMITED (ASX:ELK) - Ann: MEL announces scrip merger with Elk Petroleum, page-21 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
MEL ELK

Ann: MEL announces scrip merger with Elk Petroleum, page-21

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  1. CSGguy
    351 Posts.
    clock Created with Sketch.
    22/12/14
    14:31
    Post #: 14496832
    I can only hope that the existing Board did bother to contact Glenda McLoughlin and Peter Power and get their extensive insights on Elk before they agreed to the transaction.

    Unfortunately it looks like out of the frying pan into the fire to me. Who in their right mind wants to put the very little capital MEL has into a "costly" enhanced recovery project when the oil price has tanked and the U.S. still bans exports of crude. Any extra production in the U.S. just drives the WTI lower - talk about selling ice to Eskimos - and trying to do it with higher price ice.

    And our chances of getting the $2.5 million back from Elk if it all falls over will be buckley's. All we would have is more script in another company going down the gurgler?
    ELK Price at posting: 3.8¢ Sentiment: None Disclosure: Not Held
    MEL Price at posting: 4.6¢ Sentiment: Hold Disclosure: Held
    Likes Created with Sketch. 8  Upvote
    lightbulb Created with Sketch.  Great analysis
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