-
New slides available on website
Connacher's Great Divide Pod One Bitumen Production Surpasses Three Million Barrels
CALGARY, July 9 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX)
announced today that on May 15, 2009 its Great Divide Pod One bitumen
production surpassed the three million (3,000,000) barrel mark and as at June
30, 2009 total production from its Pod One steam-assisted gravity drainage
("SAGD") plant was 3.3 million barrels. This level of cumulative production
has been achieved in approximately 18 months since the commencement of Pod One
sales in December 2007. Current production at Pod One is approximately 8,000
bbl/d and bitumen production is anticipated to approach Pod One plant capacity
of 10,000 bbl/d during the third quarter 2009. This would contribute to the
continuing reduction in per barrel operating costs, which recently have been
below $15.00 per barrel produced, assisted by lower natural gas prices,
improved production and lower variable costs as a result of optimization
efforts by the company's operating staff. As many of the company's operating
costs at Pod One costs are fixed, higher anticipated volumes should result in
lower unit costs during the remainder of the year, other things being equal.
Connacher also advised that it is now posting slides on its website
detailing the operating conditions and progress of construction at its second
10,000 bbl/d SAGD plant at Algar, situated approximately eight kilometers east
of Great Divide Pod One. Investors should go to www.connacheroil.com and click
on the Operations link. Click on Algar, then Algar Slideshow to view
developments. The slides will be updated periodically as the company counts
down on its goal of completion of the Algar plant and related SAGD horizontal
well pairs in approximately 275 days from the July 7, 2009 recommencement of
construction at the site.
http://www.newswire.ca/en/releases/archive/July2009/09/c5143.html
