Ex - good post, however, may I ask what sort of E/V you think ELK should be sitting at right now.
My rough numbers say its current E/V is around $440m AUD. Which I think is actually not super cheap, even with its huge reserves, it cannot meaningfully increase its production rate this year. This year is about proving that Brad and the team can handle all that is has bought. That being said, I think the SP could realistically double without too much trouble, as that would only see it with an E/V of around $560m AUD. As for when this will happen, excellent question. Perhaps the coming quarterly will be a start? or the June quarter, which will have some Grieve production mixed in (but not a huge amount with its 1100bopd inclusion).
A lot of shares were printing at $0.06 cents. That is 50% profit right now. I can imagine its easy for some to take profits.
I continue to watch this interesting oiler.
ELK Price at posting:
9.0¢ Sentiment: Hold Disclosure: Not Held
