What brilliant news from an incoming CEO, that he has commenced...

What brilliant news from an incoming CEO, that he has commenced rationalising the business operations (by cutting un-needed corporate overheads/costs) and secured the companies funding requirements until material cash flow is realised from the flagship Grieve project (by finalising the Grieve pipeline sale).

$5.4 million net to ELK, whilst still retaining 35% share of the pipeline. That's a brilliant deal for a pipeline that ELK bought for $200k.

This new CEO seems to have the right balance of hard nosed commercial acumen blended with entrepreneurial talent & managerial skills to take ELK to the next stage and in so doing realise the huge value of their assets.

Furthermore, I like his focused approach - directing ELK's energy on one significant potential acquisition to propel the companies growth rather than the scatter gun approach (it appears as though this acquisition is imminent now the Grieve Pipeline funding is secured).

HUGE UPSIDE HERE.... With oil settling well above $100/barell and the Aussie dollar heading down, this company is certainly heading for the $1 territory soon.....

Its been a long wait for some of us faithful, but it all appears to heading in the right direction now....