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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: ALGAR ARPROVAL

Someone said:Thank God! I agree.

This bureaucratic delay added about $30M in interest charges to the total cost of Algar.

Without the NEWS CLL would be today in $1.6 price range. Look what happen to some blue chip energy producers like Canadian Natural. CNQ is down 15% after quadruple jump in earnings in Q3.

Sharky, you ask if the increase in the POD 1 production to 9500bbl will compensate for dropped in the bitumen price for the next several quarters before Algar go commercial and start booking the cash flow. (based on the POD1 experience- 20 months from now).

According to my numbers the WTI would have to be above $90/bbl, ($CAN/$US at 0.85) for the POD1 to maintain the Q3 cash flow. IMO tt is not going to happen.

The next few quarters will not be good but who cares. In this environment the share price moves with the sector and not on the individual news.



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