Does anyone know what happened to the Presentations on CLL's website? I was trying to compare the Algar cost as posted in Dec 23rd presentation (which I believe showed $200M remaining to complete Algar, after spending approx $128M in 2008). Below, from the Aug 12th release, shows we will be spending $175M in 2009, and $72M in 2010, for a total of $242M (of which $15M is for weather contingency....).

We have $401M in cash, but have $455M in working capital (let's keep it simple and say we can use the whole $455M as cash):

1) we've earmarked approx $242M for Algar completion (2009-$175M, 2010-$72M)

2) capital expenditures for 2009 are now $325M (if we exclude Algar of $175M for 2009, if included here, we'll have $150M in "other-than-Algar" capital expenditures).

3) $455M - $325M - $72M (in 2010 to complete Algar) = $58M

4) Senior Notes Interest will be approx $60M due Dec 15/2009, and Jun 15/2010

5) Additional funding required (thus the continued search of a Line of Credit) and whatever net income CLL could generate.

Well I know one thing, I know they bought a digital camera so they can keep us abreast on how they can go CONSISENTLY over budget.

The charts have stabilized, so I was looking to buy the last two weeks. I purchased more on the 88 cent breakout, and wanted to buy more - but decided to wait until the Q2 release (just to see where all the money from dilution and debt is going). I now see that we need more money (I can't see net income helping over the next 12 months). Patiently waiting....

Booster

Our working capital at June 30, 2009 totaled $455 million including $401 million of cash. This underscored our preparedness for Algar and we anticipate being able to manage any issues that might come our way until Algar comes on stream. Our revised full year capital budget for Connacher for 2009 is now $325 million, which will be financed from these cash balances and from cash flow. The prize is the potential to more than double our bitumen production by late 2010 or early 2011.

The cost to complete Algar, excluding capitalized items and contingencies, is estimated to be $360 million (Booster: plus the $15M below). Savings arising from remaining activities occurring in a more "normalized" construction and labour environment have been offset by minor scope changes to the project and the decision to drill and complete two additional SAGD well pairs at Algar, bringing the total SAGD well pairs to 17, to ensure effective exploitation of the reservoir.

In addition, to recognize unplanned events that often occur during a major construction project and to factor unpredictable and often severe weather that can occur in northern Alberta, management has added a $15 million contingency to the Algar budget, bringing the total cost for Algar, excluding capitalized items, to $375 million of which $128 million was incurred pre-2009, $175 million is estimated to be incurred in 2009 and the $72 million balance is forecast to be incurred in 2010.