Elk Petroleum Half-Year FY2018 Results & Guidance

Half-Year headlines

Aneth acquisition delivers dramatic growth in reserves, production, cash flow & shareholder value

  • 44% increase in share price to A$0.095 (15 March 2018) – up from A$0.066 (30 June 2017)
  • 1P Reserves1 = 47.5 mmboe – up 35.0 mmbbls (380% increase) since 30 June 2017
  • 2P Reserves1 = 84.2 mmboe – up 62 mmbbls (over 400% increase) since 30 June 2017  Production = 972,498 boe – up 220% quarter-on-quarter
  • Revenue = US$27.4 million – up nearly 500% quarter-on-quarter
  • EBITDAX = US$2.3 million – increase US$5.0 million year-on-year
  • Adjusted EBITDAX2 = US$6.9 million – increase US$9.6 million year-on-year
  • 1P PV103 = US$407 million – up 280% quarter-on-quarter

Focussed on delivering a high growth, profitable oil production company

1-Reserves based on 29 December 2017 NYMEX forward curve / 2-Adjusted for one-off Aneth acquisition transaction and finance costs / 3-1P PV10 based on 29 December 2017 NYMEX forward curve and conversion of Grieve 2P reserves to be reclassified as 1P Proved Developed Producing soon after commencement of production and establishment of stabilized production rate


Project execution + transformational production acquisition

H1 FY2018 has been driven by Grieve Project execution & Aneth acquisition

  • Grieve Project is substantially complete & facility testing & commissioning has commenced

  • Completed Aneth acquisition & transition to field operator

  • Transformation from junior non-operator oil company into a full-fledged operating company with leading CO2 EOR capability

  • Material position in CO2 EOR and the US Rockies with deep development pipeline to deliver continued growth in reserves, production and cash flow

Key subsequent events post 31 December 2017

  • First new Grieve oil production test completed with 250 bbls fluid to surface (oil & water) with strong associated CO2 flows

  • Grieve commercial production start-up expected mid-April 2018*

  • Gearing up to execute significant Aneth CY2018 reserve-add & production increase projects * Operator weekly project progress report for week ending 15 March 2018

* Operator weekly project progress report for week ending 15 March 2018


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