(MENAFN- ABN Newswire) Elk Petroleum - An emerging Rockies CO2EOR producer
EnerCom Conference Presentation Sydney, Feb 23, 2018 AEST (ABN Newswire) - Elk Petroleum Limited () () provides the Company's latest presentation at EnerCom Conference.
Delivering significant Reserves growth
Reserve additions are:
- All high value liquids
- At low cost per bbl
- Largely 1P Proven Developed Producing -"PDP"
- 1P PDP are the lowest risk category of reserves -90% confidence level
- 1P PDP reserves require no further capital to produce
- Additional low risk, low cost 1P Proven Developed Non-Producing (PDNP) reserves
- Significant 2P reserve growth
Delivering significant production growth
Substantial increase in Quarter-on-Quarter production -more than doubled
- Company sets new quarterly production record of ~673,100 BOE.
- Quarter-on-Quarter increase in production largely driven by completion of AnethOil Field acquisition.
- FY 2017 production growth driven by Aneth Oil and Madden Gas acquisitions.
- Quarterly production only reflects 2 full months of Aneth production from purchase effective date.
- Oil now makes up over 50% of Company's total production (53%) -expected to grow to ~69%
Investing in Elk
- Only ASX-listed oil company focussed on enhanced oil recovery
- Core projects located in the prolific Rocky Mountain CO2EOR Fairway
- Aneth acquisition transforms Elk into one of the leading CO2 EOR production operators in the Rockies
- Aneth Oil Field and CO2EOR operation is highly accretive
- Aneth delivers significant growth in reserves, long-life production & cash flow
- Madden/Lost Cabin delivers free cash flow & significant long-life, low risk, high quality reserves & production
- Elk is now a CO2supplier in its own right from Madden/Lost Cabin ownership interest
- Company's flagship Grieve CO2EOR Project is nearly complete and commissioning & start-up imminent
- Start-up of Grieve Project will deliver material production and PDP Reserve growth in CY 2018
To view the full presentation, please visit:
About Elk Petroleum Limited
() ()is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company's strategy of finding and exploiting oil field reserves.
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