Elk Petroleum: Quarterly Report - 31 October 2018

Sales Production

Steady Production with planned Capital and Operating Developments

Previous financial quarter (Q4 2018 to Q1 2019)

  • Oil makes up over 67% of Company's total production

  • Minimal change to Quarter on Quarter Oil Production

  • Minor Aneth production decrease attributable to temporary production outages associated with execution of planned capital projects- including McElmo Creek Unit (MCU) well deepening program which requires taking existing production wells offline to install well deepenings

  • Madden decrease due to scheduled periodic maintenance on Lost Cabin Gas Plant Train 3 in August

Sales Revenue

Revenue continues to stay strong

Previous financial quarter (Q4 2018 to Q1 2019)

  • Production Revenue up 1.4% over previous quarter

  • Revenue increase driven by increased realised oil price

  • Decrease in Madden revenues due to scheduled maintenance outages


Successfully Delivered McElmo Creek Unit well deepenings project and Grieve Project well clean up operations begin


  • McElmo Creek Unit (MCU), well-deepening project commenced in June and was completed during the quarter. Eight producers and three injectors were deepened

  • MCU well deepening projected delivered significantly under budget adding 425 BOPD (gross) incremental oil production based on late October production test results

  • First monobore well repair undertaken in the Aneth unit

  • Temporary production outages (~200 BOEPD) were associated with the planned MCU well deepening expansion project


  • A scheduled Lost Cabin Gas Plant maintenance shutdown was completed on the Train 3 gas processing facilities during August

  • Train 3 scheduled plant turnaround was completed under budget and ahead of time during the quarter

  • Sales gas, Sulphur and CO2 production continues at steady rates in line with FY2018 Guidance


• Grieve Project production start up commenced on 17 April 2018 with well clean up operations across the field

• During the first quarter Grieve #1 was worked over and recompleted as a water disposal well

• The field is now producing fluid and gas at high rates, by the end of the quarter total daily fluid throughput is ~14,000 barrels per day

• By the end of October (subsequent to the end of the quarter) 5,000 bbls of oil had been transferred into the Grieve Oil Pipeline

Elk Corporate Update

Elk Corporate Debt Refinancing

  • Elk and its adviser RBC continue to run a competitive debt refinancing process

  • In refinancing its current debt instruments with new debt, Elk has several clear refinancing objectives including simplification of the capital structure, reduction of the cost debt capital, reduction in overall mandatory debt amortization and ultimately deliver greater cash flows to equity and our shareholders with a focus on debt-only solutions

  • Elk has received debt refinancing proposals and will continue to work with existing and potential new lenders to establish the best debt refinancing outcome for the company

  • Refinancing outcomes from refinancing existing asset level loans with new debt, through to refinancing all company and asset level loans with a consolidated debt instrument are being considered

  • Implementation of the debt refinancing will continue during calendar year 2018 with closing currently scheduled before end December 2018, subject to market conditions

Visit source site

Elk PetroleumProductionEarningsResults

More items from oilvoice

Premier Oil Trading and Operations Update

Premier has provided a Trading and Operations Update for the period to 15 November 2018. Highlights ·     Year-to-date production of 78.4 kboepd, up from 76.2 kboepd in the first half; forecast full-year production at around 80 kboepd ·    Record Catcher Area production rates of over 70 kbo ...

OilVoice Press - OilVoice

Posted 2 days agoPress > Premier OilTrading UpdateOperations Update +1

Cairn Energy PLC - North Sea Operational Update

UK Norway Update - discovery and farm out Cairn announces the following; An oil discovery on the 9/14a-17B well and associated side-track on the Agar-Plantain Prospect in the UK North Sea Farm out agreement for a 40% non-operated interest of the Chimera prospect in the UK North Sea Commitmen ...

OilVoice Press - OilVoice

Posted 2 days agoPress > Cairn EnergyNorwayUnited Kingdom +7

Suncor Energy Declares Dividend and Amends Normal Course Issuer Bid

Suncor Energy's Board of Directors has approved a quarterly dividend of $0.36 per share on its common shares, payable December 24, 2018 to shareholders of record at the close of business on December 3, 2018. Suncor also announced today that the Toronto Stock Exchange (TSX) accepted a notice filed ...

OilVoice Press - OilVoice

Posted 2 days agoPress > DividendSuncor Energy

Tullow Oil plc November Trading Update

Tullow Oil plc (Tullow) issues the following Trading Update for the period 26 July to 15 November 2018. Tullow will be hosting a Capital Markets Day on 29 November 2018. Please see full details below. The Group will also publish a Trading Statement and Operational Update on 16 January 2019 and Ful ...

OilVoice Press - OilVoice

Posted 2 days agoPress > Tullow OilTrading UpdateTullow +2

The Wolfcamp Play Has Been Key to Permian Basin Oil and Natural Gas Production Growth

Source: U.S. Energy Information Administration, based on DrillingInfo Increased oil and natural gas development in the Wolfcamp play has helped drive overall crude oil and natural gas production growth in the Permian Basin during the past decade. Drilling and completion operations within the ...

OilVoice Press - OilVoice

Posted 2 days agoOpinion > EIAEnergy Information Administration EIAUnited States +9
All posts from oilvoice