INSIDE INFORMATION
This announcement is made by Sunshine Oilsands Ltd. (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rules 13.09(2)(a) and 13.25(1)(b) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Company received an order notice (the "Order") from the Alberta Energy Regulator (“AER”) requiring the Company to submit a project abandonment plan as the Company failed to meet their maintenance requirements. At the same time, the Company also received legal documents from the Orphan Well Association (the “OWA”), a delegated body under the AER, seeking to take over the Company’s project as a result of AER's Order.
After consulting legal Advice, the Company is now preparing for an appeal and stay of the Order. As at the day hereof, no significant adverse impact was posed on the Company's business.
If necessary, the Company will issue further announcements at the appropriate time.
By Order of the Board of Sunshine Oilsands Ltd.
Kwok Ping Sun
Executive Chairman
Hong Kong, May 14, 2025
Calgary, May 14, 2025
As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Ms. Jue Pang and Mr. Guangzhong Xing as independent non-executive directors.
*For identification purposes only