No spec, no need to rethink my position at this stage, indeed the current POO has provided even more confidence , especially since Aneth was purchased based on sums calculated with oil at US$ 50, and on a future price of just $51.60 from 2021 onwards. I may be proven totally wrong but with the once in a generation purchase of Aneth at close to the bottom of the cycle, Brad's proven company building and managing ability , I am very confident ELK will become an oil and gas producer of market significance within the next 5 years.
In Aneth, ELK has an asset which I don't think the market fully appreciates. This is a giant onshore oilfield which has another 300 million barrels over and above the current PDP to be captured. ELK's share is approximately 180 million barrels, a mind boggling amount of oil ... and unlike Resolute who had their gaze on their Permian assets, ELK's eye will be firmly on this asset for many years to come and IMO it will be the foundation stone on which ELK will be built.
Cheers
Dan
ELK Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
