2018 Guidance and Grieve Update

2018 Guidance and Grieve Update

Elk Petroleum releases 2018 Guidance and Grieve Update

  

ASX Announcement - 31 July 2018

 
HIGHLIGHTS

Record annual production reaches 2.6 million barrels of oil equivalent – a Company milestone

Aneth

  • Aneth net production exceeds 1 mmboe for H2 FY2018 with improved LOE from H1 FY2018
  • Aneth net production well within guidance and under budget on LOE (down 8.5%) and CAPEX (down 27%)
  • Aneth forecast to deliver 1.0-1.1 mmbbls net production for H2 FY2018 (Dec 2018) before expansion project additions

Madden

  • Madden production increased to 640,000 boe for H2 FY2018 -~5% increase over H1 FY2018
  • Madden net production ahead of guidance (up 6.6%) on increased LOE (up 27%) and under budget CAPEX (down 21%)
  • Madden forecast to deliver an additional 550,000 to 650,000 boe net production for H2 FY2018 (Dec 2018)

Grieve

  • Grieve producing water and CO2 at high rates with oil production ramping up slowly with continued new CO2 injection
  • Water and CO2 injection patterns are being adjusted to accelerate oil production rate ramp-up
  • 1,000 bbls oil produced to date scheduled for transfer into Grieve Pipeline 1 August 2018

 

 

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