Ann: Commsec Investor Update Presentation, page-20

Hi Barret81

For comparisons to ELK you won't find one listed in Australia that is purely CO2 EOR or even any type of EOR to my knowlegde.

Using cmon's shale comparison as an ELK analogue you could look at SEA, FDM or AOK who predominately drill vertical holes into the Mississippi Lime to name a few.

As far as timing for further acquisitions, I would hope it would be whenever they were presented a compelling one. They would not necessarily have to wait for Grieve to come online for funding because the beauty of Madden, with it's very long term, significant, low decline production the majority of which (71 BCF from 79 BCF) is in the Proved Developed Producing category (PDP ), they should be able to establish a Reserves Based facility which would enable them to acquire other assets.... or they could issue more shares ( not my preferred option at this stage).

As mentioned before, the price they would pay for end of life primary production or non producing depleted fields should be quite low in the current oil price environment IMO.

Cheers

Dan