Re: Size does count

Welcome to the Connacher Oil and Gas Hub on AGORACOM

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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jurek

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Re: Size does count

in response to

Size does count

dondon

posted on Oct 08, 2009 07:07PM

CLL Oilsand reserves are already given as a collateral to $600 million Note holders.

Are you suggesting that CLL should prove more reserves to get more loans?

The only reserves that add to CLL NAVPS are 1P (proven) reserves, precisely located in the specific POD`S. Only these can be can be explore by SAGD technology which have about 40% recovery rate. 2P or 3P are more important for mining exploitation process.

Just a while ago the management said that they will not do any exploratory drilling this winter and complaining that the Market is not giving the CLL much credit for their additional reserves anyway.