Elk Petroleum Limited
(ASX:ELK) has announced it has completed the restructure of its joint venture with Denbury Onshore for the Grieve CO2 Enhanced Oil Recovery Project.
The restructure of the JV will see Elk increase its interest in the project from 49 percent to 70 percent.
Denbury will remain the operator of the project with first production expected in December quarter 2017.
Elk has committed to fund US$55 million to complete the development, with Denbury to cover any cost overruns.
Elk Petroleum Limited reported a net loss of $3.5 million at 31 December 2015.
