ELK Material Upside, page-3

Lefevre

good points, but note ( Carmichael report), Elk's debt is free carried:

"Second tranche Denbury funding facility activated. The tranche one free-carry funding arrangement (US$10m) with JV partner Denbury Resources (DNR) has reached its capacity and ELK has elected to proceed with the tranche two funding arrangement with DNR
(US$12m) which ELK will payback from Grieve oil production. We estimate this is equivalent
to ~12 months of production but ensures ELK is fully funded for Capex to first oil."

I think Elk's debt to Denbury has been reported on, currently about $18m, I think.

But whatever, is this is an incentive for them to buy Elk cheaply?

Also re.previous putative pipeline sale, I think copperpot's number represented at least what this may be worth to Denbury.

Comments and corrections welcome.