Well it's about time they thought about cutting costs. The new CEO is off on the right path, rationalising the business, concentrating on our core projects and conserving cash until the oil starts flowing.
It did seem like Neale and Bob were going off all over the place looking for new projects which we couldn't afford, it also appears that the sale of the pipeline has fallen through (it was meant to be competed in June)as it has now been put back to the "near future".
Farming out of some of Ash Creek to ensure it continues on schedule seems like a reasonable idea, hopefully the new CEO is good at making deals and raising cash if not I see another CR on the horizon.
HC
ELK Price at posting:
17.0¢ Sentiment: LT Buy Disclosure: Held
