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Sunshine Oilsands Ltd. Message Board

  • seetheworldsfuture seetheworldsfuture Aug 28, 2013 10:49 PM Flag

    west ells news

    Aug 18, 2013

    Joint Venture Framework Agreement for Muskwa and Godin Areas Temporary Slow Down of West Ells Project

    Joint Venture Framework Agreement for Muskwa and Godin Areas

    Calgary, Alberta (August 18, 2013) – Sunshine Oilsands Ltd. (”Sunshine” or the “Corporation”) (HKEX: 2012, TSX: SUO) is pleased to announce that it has entered into a Framework Agreement with an international third party to pursue a joint venture involving its Muskwa and Godin area oilsands leases. The Framework Agreement provides for a 50 – 50 joint venture pursuant to which the third party will be responsible for investing up to $250 million, and contribute a thermal enhanced recovery technology, to achieve production of 5,000 barrels per day from the oilsands leases. After this production threshold is achieved, the joint venture parties will contribute in proportion to their ownership positions. The joint venture is subject to certain conditions and the entering into of binding agreements. Sunshine’s Board of Directors is pleased that the opportunity in our Muskwa and Godin areas has been recognized through this significant proposal to provide both capital and technology.

    Temporary Slow Down of West Ells Project

    Sunshine announces that some of the work on the West Ells Project site near Fort McMurray has been temporarily slowed down. This work is expected to ramp up again once confirmation is received that additional funding has been committed. Sunshine is maintaining staff at site to continue with reduced work activities and to ensure safety of the worksite. President and CEO John Zahary said: “We are confident that Sunshine’s extensive asset base and very advanced first project at West Ells will enable us to obtain commitments for necessary funding. The effect of the work slow down on West Ells schedules and costs will be outlined after the funding is committed.”

    Aug 18, 2013

    Joint Venture Framework Agreement for Muskwa and Godin Areas Temporary Slow Down of West Ells Project

    Joi

 
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