Ann: Commsec Investor Update Presentation, page-23

There would be plenty of CO2 from Moomba but it would require compression to get to minimum miscible pressure with the oil in the mature reservoirs . That is why geological sources of pure CO2 are favoured of for instance corn ethanol plants or breweries .

Elk quote a $7-10/bbl development cost for Grieve . That sounds like the development cost for the final stages of the pressurisation and does not include the years of heavy lifting Denbury have already done .

The full cycle costs must be closer to Denbury's or perhaps a little higher even since Elk are providing the majority of the funding for the final stages .

That would still be very low cost oil but to make real money out of it requires further recovery in the oil price .

I wish Elk would stop using BOE in presentations and keep gas and oil separate rather than quote on energy equivalence .