Elk Petroleum Limited
1700 Lincoln Suite 2550 , Denver, Colorado, United States

Elk Petroleum Limited (ASX: ELK) is an oil and gas producer and developer with assets located in one of the richest onshore oil regions of the USA: the northern Rocky Mountains.  Listed on the ASX in 2005, Elks strategy is focused on applying established enhanced oil recovery (EOR) technologies to mature oil fields. This strategy significantly de-risks the process of exploiting mature oil field reserves. Elks current projects use EOR technology that involves injecting CO2 into the reservoir at pressure and temperature conditions where the CO2 and remaining oil become miscible with each other and act as one phase whereby previously immobile remaining oil commences to flow again and incremental oil recovery is possible at levels approaching what was obtained from the field in the primary phase of a fields development.

Where We Operate

There are many EOR development and production opportunities - organic developments or project or production acquisitions - Elk is currently seeing in the US market. With success in delivering the Grieve Project restructure and securing the necessary financing many of these opportunities are finding Elk rather than Elk having to find them. As such the Company will continue to focus on building its position off the Grieve Project in CO2  EOR and will be focussing on building a solid production base in currently producing or active development EOR projects. In parallel the Company will also be focussed on establishing a position in CO2 reserves and resources as an essential element to succeeding as a CO 2 EOR oil producer.

Elk with its unique position as an ASX-listed and Australian headquartered company can bring its accumulated knowledge and experience to Australasia - a virtually untapped growth market for enhanced oil recovery. Vast accumulations have been discovered in Australia, Indonesia and Malaysia and in many instances oil production from these discoveries are maturing quickly. Having established our knowledge, experience and credentials as a focussed enhanced oil recovery development and production company, Elk has a unique opportunity to be an early mover in bringing these proven field redevelopment and production technologies and processes into these untapped markets.

Sustainability

The addition of Aneth staff into Elk gives us an employee and consultant headcount approaching 115, a large majority of which are field operations based. As such this has necessitated Elk broadening its sustainability strategy and future sustainability reporting scope as we have transformed into an active, best practice oil field operator. Elk has been fortunate to be able to add, adapt and adopt operating business values in health, safety and environment. This ensures our expanded employee and contractor base can do what we ask of them within a transparent and useable EHS management system. This adaptive approach also encapsulates other areas of good corporate governance as management structures are enhanced to deliver more robust systems that in turn are focused on providing continued shareholder returns.  Steering the sustainability governance structure is Elks COO assisted by our US-based EHS Coordinator who holds the Certified Safety Professional (CPS) qualification and two field-based EHS Specialists along with a Governmental/Corporate Affairs Officer. This level of corporate and field oversight ensures sustainability themes are implemented into and monitored across our everyday business practices in the areas we operate in. As Elk further develops as an Operator this will allow us to better measure, refine and embed sustainability goals and targets.