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

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