With the current production which is basically nil, the debt on the books, the debt owed to Denbury, the high admin costs, and Elk again chasing rainbows, another cap raising and more to come (Bought a property and now needs funding...........same story and IMO same result - delays, dilutions, and disappointment) shareholders are lucky the share price is even 10 cents.
Two more years to go to Grieve production (maybe.......somewhere over the rainbow...........) and ALL the cashflow from that is going to be used pay Denbury first, debt second, insiders third.
IMO shareholders won't see a cent for years.
With that scenario Elk shares should be around the 2 cent area, if that.............
Wonder if they will survive to first production from Grieve?
ELK Price at posting:
10.0¢ Sentiment: LT Sell Disclosure: Not Held
