Not much to say really, only hope is for Grieve to start kicking some goal, although they reckon it will be at 1000 BOPD b y year end.... probably the most realistic prediction of Grieve production they have given for the last year..... Looks like the refinance of the Aneth debt will not be fully funded by a lower rate reserve based loan considering they said any shortfall will be replaced by more prefs at 15%, (capitalised for 12 months) ...will give them some breathing room till Madden and Grieve are contributing more next year but still may not be enough.
Emphasis is now on survival and sustaining Aneth production rather than significantly boosting the fields production.... for me this was a 5 year ( growth) story, now it is a lucky to survive story which will probably need a 1:1 or more equity raise ( my opinion only).... very disappointed but that is the game we play at this end of the market..... as long as you win more than you lose, then you are ahead.... this on is definately a loss for me...
Cheers
Dan
Ps.... sorry , I didn't pick up on the other thread that your question was directed at me.
ELK Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
