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clock Created with Sketch. 01/03/18
15:30
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Originally posted by BSMeter
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Elk Petroleum while transitioning to a highly leveraged oil & gas producer has missed its deadline for completion of major works for the Grieve Project due in Mid February. February has passed and there is still no update of when this much anticipated work will in fact be completed. It is particularly important as a missed deadline on the completion of major works also has a roll-on effect of causing a missed deadline on commissioning and oil production from Grieve by the end of Q3, both of which are deadlines published by Elk itself. Given the exceedingly high leverage of the Elk Petroleum play, together with the high interest rates on the financial instruments which underpin the operations, Elk is not in a position to miss production deadlines, especially from its stated high margin projects, without putting the company at further risk of not meeting its financial obligations. The company is at risk of becoming categorized as the one that misses its deadlines rather than meets them which will not be good for its stakeholders.
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Details on Grieve completion status given at the Enercom conference at the 7:40 minute markhttp://www.elkpet.com/about-us/in-the-news/74-elk-petroleum-presents-at-enercom-conference-dallas
