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elk petroleum ltd (ELK) Snapshot

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05/2/13 - A$0.21
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elk petroleum ltd (ELK) Details

Elk Petroleum Limited is engaged in the exploration, development, and production of oil and gas fields in the United States. The company holds interests in the Grieve oil field located in the Wind River Basin, Wyoming; the Niobrara formation; the Ash Creek field in the northern Powder River Basin situated on the border of Wyoming and Montana; the Hereford gas field located in Montana; and the Singleton oil field located in Nebraska. Elk Petroleum Limited is based in Sydney, Australia.

7 Employees
Last Reported Date: 09/30/13

elk petroleum ltd (ELK) Top Compensated Officers

Chief Executive Officer
Total Annual Compensation: A$30.9K
Chairman, Member of Remuneration Committee an...
Total Annual Compensation: A$264.3K
Compensation as of Fiscal Year 2013.

elk petroleum ltd (ELK) Key Developments

Elk Petroleum Limited Provides Grieve EOR Project Update

Elk Petroleum Limited announced that the Grieve EOR project operator has concluded that the Grieve field has received sufficient CO2 injection over the past year to prepare the field for oil production once the reservoir pressure reaches 3,000 psi, which is the pressure at which the wells will begin free flowing. On this basis, the operator has decided to suspend CO2 injection into the field until or closer to the time of first oil production. This action has substantially reduced the requirements on Elk in funding its share of the project, whilst materially improving the economics of the project. Repressurization of the Grieve field will continue solely by water injection during the suspension of CO2 injection. It is planned that water injection will remain at the current rate of 17,000 to 19,000 barrels of water per day until pump upgrades allow water injection rate to be doubled to 40,000 barrels per day to offset the reduction in the total injection volume due to suspending CO2 injection. However, some slippage in the timing of first oil is expected if major capital savings are to be achieved; the extent of the slippage will depend on the operator's ongoing optimization studies, the timing for resumption of CO2 injection, and on other possible future changes to improve this timing. Overall, the project development has progressed in accordance with the development plan and a rebalancing of injection fluids is now planned. A delay of first oil into 2016 is likely for major capital savings to be achieved. Suspension of CO2 injection requires that the CO2 supply, which was contracted by Elk with ExxonMobil in 2011, and which supply is now owned by Denbury, be applied to other projects for an interim period. There is a high demand for CO2 in this region with a number of new CO2 projects and project expansions in progress. Elk has asked the operator to explore sales of the CO2 to third parties in a manner that might result in nearterm revenue for Elk. Elk has been discussing alternative funding arrangements with various financial institutions to ensure funding to meet its Grieve project needs after its current loan arrangement is fully drawn down.

Elk Petroleum Limited, Annual General Meeting, Nov 29, 2013

Elk Petroleum Limited, Annual General Meeting, Nov 29, 2013., at 10:00 AUS Eastern Standard Time. Location: Portside Centre, level 5. Agenda: To consider remuneration report; to consider re-election of directors; to consider ratification of prior issue of securities; to consider resolution to grant performance rights; to non-executive directors' remuneration.

Elk Petroleum Limited Auditor Raises 'Going Concern' Doubt

Elk Petroleum Limited filed its Annual on Sep 30, 2013 for the period ending Jun 30, 2013. In this report its auditor, BDO International, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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