Wetcoster,

It is good to see you back on this politically incorrect loonies board.

There is a few misconceptions or myths if you will, repeated by distinguish posters.

One of them is on time and on budget. We had a good discussion about this and the facts do not support this myth. Just as an example: POD1 almost double the original Capex and is producing about 75% of projected capacity.

Another myth is successful refinancing. Not only long term debt grow to $900 millions ($1 billion including the convertibles due next year) but the total cost of financing the deal + the interest on the longer terms will cost the company more then the original loan. Balance sheet has not been improved as you sugested.

With the 14,500bbl/d bitumen production (no change since December 2010) $16.5 for 1 bbl sold goes to interest payments. You have to sell the bitumen above $48 per barrel (WTI $80 - $85) to pay all bills. What will happen when we have to start paying 30% royalties as oppose to 5% we pay now.

The only solution is the "free" capital injection (JV) or total buyout. There is so many option here including 20% /80% split on the bitumen profit (20% for CLL) and the partner will pay for the extension Capex.

As suggested by Spidy the credibility of the management would be the issue with any JV partner.

The share price obviously does not reflect CLL risk adjusted NAV. Simply put investor is demanding big premium for the risk and luck of management credibility. Look what happen to PBG share price when management lost their credibility by grossly overpaying for acquisitions.

Sorry, this post is way to long by any attention disorder standard.

PS. Nice gains today in the energy sector, especialy on some Cardim and international O&G plays. See if momentum will continue tomorrow.

ARN 7.8%

SCS 3.1%

CEN 11%

GTE 5.3%

BNK 6.1%