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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Re: Gustav follow up
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Aug 26, 2008 07:17PM

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Sep 03, 2008 07:06AM

There is one thing that will drive this SP up, production at the levels the system was designed for. CLL will need this production from POD 1 to pay interest costs while POD 2 comes on line. Every day costs about $88,000 in interest on the financing for Algar. The $64 million set aside for interest has been 1/2 used and will be entirely used before Algar comes on line, even if it was approved today. Bottom line is DG has to get GD to produce. Algar will be approved at some point, maybe 3rd, 4th or 1st 1/4 2009, the early financing is a gorilla.


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