Quarterly Activities and Cashflow Report
Sydney, Oct 31, 2017 AEST (ABN Newswire) - Elk Petroleum Limited (ASX:ELK) (EKPTF:OTCMKTS) provides the Company's Quarterly Activities and Cashflow Report.
SEPTEMBER QUARTER HIGHLIGHTS
Grieve Field and Grieve Pipeline
All major production facility components have been delivered and installed at the Grieve Central Production Facility including all compression units, production separators, heat exchanges, oil storage and production export and sales facilities.
The Grieve CO2 EOR Project field development construction is coming to a rapid completion. The Grieve Field is fully pressurized and the reservoir is ready for production. With the civil construction completed, the mechanical and electrical construction are approaching completion. The final production and injection well construction work is well underway and out of the 7 workovers to complete the development, 4 have been successfully completed and tested, 1 has been completed and is pending testing and 2 workovers are on-going as of the end of the quarter.
Madden Gas Field and Lost Cabin Gas Plant
Continued strong production from the Madden Gas Field with a material increase in Reserves and Production with total Madden Gas Field Proved Reserves increase to 79.5 BCF (13.3 MMBOE), up 13%.
The Madden Gas Field contains over 1.1 TCF of gross remaining recoverable proven reserves of sales gas and the US Energy Information Administration ranks the Madden Gas Field as the 33rd largest gas field in the USA by proven reserves. The operator of the Madden Gas Field will produce significant quantities of gas on a profitable basis through 2066.
Acquisition of Aneth Oil Field and the CO2 EOR project makes Elk one of the most significant CO2 EOR operators and producers in the US Rocky Mountains.
The Aneth CO2 EOR Project is Elk's newest production asset, the Project covers the Greater Aneth Oil Field located in the US Rocky Mountains in SE Utah. The Greater Aneth Oil Field was discovered in 1956 and had an original oil in place of over 1.5 billion barrels of oil and currently contains gross proven developed producing oil reserves of 70.5 mmbbls. Through the acquisition, Elk is the operator of the entire Greater Aneth Oil Field with a ~63% operating working in joint venture with the Navajo Nation Oil & gas Corporation. Gross oil Production from the Field is over 10,000 BOPD with approximately 6,100 BOPD net to Elk. The U.S. Energy Information Administration ranks the Greater Aneth Oil Field as the 86th largest oil field in the USA by proven reserves. The Aneth CO2 EOR Project is one of the 3 largest CO2 EOR Projects in the US Rocky Mountain region.
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About Elk Petroleum Limited
Elk Petroleum Limited (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.