co2 injection by november 2012, page-12

I think from memory you will find that Strachan Research report only had Grieve in their EBITA estimates , add Ash Creek and Niobrara then add the various other projects that will come into play by then. Strachan also had OPEX at $33 per barrel and oil at $95 , which seems a bit harsh for Grieve while probably fair for AC (which they didnt include anyway).

My view is that they will achieve their stated goal of following a Denbury style corporate model (I think this potential is overlooked by long holders because we would just be happy to get one project going :))and further developments will sustain 5000 ongoing plus . Your estimate is a fair one as a very conservative estimate , my view is x4-5 is potential in early mid 2014 when 2P is feasible. these guys are not going to pay dividends , they going to plow back in all their cash flow to extra acreage and projects and the skid mounted EORGAS generators that might open up smaller non CO2 practical fields, if the EORGAS trials are successful then it opens up a lot more acreage potential that isnt currently viable for Co2, also if its viable then there is a royalty income, so I would expect 2017 having a number of extra projects come on line .