cowboyinvestor69
12 years ago
Cold flow assets
During the first quarter of 2013, the Corporation undertook a strategic review of its cold flow assets in order to
optimize the potential of these assets, particularly for Sunshineβs Muskwa area. The Corporation is examining various
joint venture or divesture strategies. Options continue to be reviewed and an update will be provided once a
determination has been made. For the three months ended March 31, 2013, Muskwa remains in the resource
definition stage. As such, the Corporation has capitalized all costs incurred to date, including operating costs net of
revenues, for financial reporting purposes
cowboyinvestor69
12 years ago
Highlights
? Sunshine continues to make significant progress in construction of the West Ells project. West Ells Phase 1 and
Phase 2 are expected to produce 10,000 barrels per day.
? As part of ongoing analysis of cost control for the project, the Corporation reviewed and revised its West Ells cost
estimate by approximately $28 million to $496 million from $468 million. The Corporation now expects Phase 1 first
steam to be in the fourth quarter of this year.
? Milestones met at West Ells during the first three months of 2013 include: erection of the Phase 1 evaporator
tower, completion of the drilling of the Phase 1 SAGD wellpairs completion and setting of approximately 80% of
pilings for Phase 1. The Corporation has hired approximately 80% of the operations team.
? In relation to other core areas, Sunshine continues to advance through the regulatory process for Thickwood with
approval expected in the first half of 2013 for an initial 10,000 barrels per day project.
? The Corporation is pleased that Mr. Mark Montemurro has joined the Sunshine team as Senior Vice President,
Engineering and Geosciences.