Like many others I have been frustrated waiting for Algar to be approved. Sometimes we forget that there are many proposed projects under review.
I just noticed that Devon had received approval for their second phase SAGD project. (see the off-topic forum)
On checking, I noticed the following --- Devon filed its Application for Approval of the Jackfish 2 Project (Volumes 1 through 3) with Alberta Environment and the Alberta Energy & Utilities Board in September 2006.
The approval process therefore took 2 years. This project is similar to Algar, but larger (35,000 bpd versus 10,000 bpd).
The Algar application was filed in June 2007. Based on the time it took for Jackfish 2 to be approved, we will be fortunate if approval comes in October, as DG now predicts.
They say that learning to be patient is character-building. I think we may have several more years of this, before we see any significant growth in stock value.
Cheers,
XBB
