was completed ahead of schedule and, it anticipates, under budget
pending the receipt of final billings.
“During the construction period, we also drilled and cased 17 SAGD
horizontal well pairs which will be tied into the plant and related facilities and start to receive steam in approximately mid-May 2010, once
the commissioning of the facility is completed and steam injection
is initiated,” wrote Connacher chairman Richard Gusella in his first-quarter letter to shareholders. Steam will be circulated for approximately 90 days, and based on experience at Great Divide, bitumen
production is expected to begin by August.
Meanwhile, at Great Divide Pod One, Gusella says Connacher is focusing on realizing its productive potential, or capacity of 10,000 barrels per day. In the first quarter of 2010 production averaged 6,936
barrels per day compared to 6,170 barrels per day in the first quarter
of 2009.
“The introduction of new ‘state-of-the-art’ pumping capacity at
Pod One will contribute to this realization, as will the eventual commencement of production from the two new well pairs in the heart
of the producing reservoir, anticipated to occur later in 2010,” says
Gusella, adding that he does not envisage Connacher having to drill
new wells for some time but may consider wedge or infill wells to
boost production.
On the business side, Gusella says Connacher has recently been
approached by a number of parties interested in potentially participating in the company’s existing operations or new projects, a potential new source of funding.
“These alternatives will be critically evaluated and only pursued if
it is apparent our return on capital could be improved, and our operational flexibility and growth profile would not be compromised,” he
says. “Having a 100 per cent working interest contributes to a higher
level of efficiency.” SR
* Cash operating netback, excluding hedging and accounting gains and losses.
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