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?
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