Elk Petroleum Limited: Noosa Mining & Exploration Conference Presentation
20.07.2017 | ABN Newswire
Sydney - Elk Petroleum Ltd. (ASX:ELK) (OTCMKTS:EKPTF) provides the Company's latest presentation at Noosa Mining & Exploration Conference.Elk Corporate Overview
- Oil Development
o Elk is focused on redevelopment of historically producing conventional oil fields to produce significant remaining in place oil by applying enhanced oil recovery ("EOR") methods
o Grieve CO2 EOR project development 85% complete, forecast production late 2017/early 2018
- Natural Gas & CO2 Production
o Madden/Lost Cabin Gas Field is a large conventional gas and CO2production asset with high quality, long-life reserves & production delivering free cash flow to Elk
o Current production rate is 25.4 MMCF/day (4,240 BOE/day) net to Elk
o Strategic interest in material CO2production supports Elk's CO2 EOR strategic focus
- Proven Practices & Opportunity
o EOR is a well established low risk redevelopment methodology
o ~90% of CO2 EOR projects developed in USA are technical and commercial successes
o Abundance of large mature conventional oil fields suitable for CO2 EOR redevelopment
- Long term Profitable Production
o Typical CO2 EOR projects have a 15+ year reserve life and annuity style cash flows
o Grieve-minimal ongoing capex and opex
o Madden/Lost Cabin operator forecast 50 year project life
- Cash Flow Positive
o Forecast 2017 project free cash flow of ~US$6 million and forecast Elk consolidated project free cash flow of US$22-US$30 million (See Note below) per annum for 2018-2023 period
Note: Based on Grieve 2P and Madden PDP production profile at Bloomberg Consensus Pricing (31 June 2017)
To view the full presentation, please visit:
http://abnnewswire.net/lnk/FCZWH31
About Elk Petroleum Limited:
Elk Petroleum Ltd. (ASX:ELK) (OTCMKTS:EKPTF) 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.
Contact:
Elk Petroleum Ltd.
Brad Lingo Managing Director/CEO
T: +61-2-9093-5400
E: ir@elkpet.com
Alex Hunter Chief Financial Officer
T: +61-2-9093-5400
E: ir@elkpet.com
