Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
November 12, 2013
Sunshine releases financial results for Third Quarter 2013
Sunshine Oilsands Ltd. ("Sunshine" or the "Company") today announced its financial results for the third quarter of 2013. The Company's condensed interim consolidated financial statements, notes to the condensed interim consolidated financial statements and Management's Discussion and Analysis have been filed on SEDAR (www.sedar.com) and with the SEHK at (www.hkexnews.hk) and are available on the Company's website (www.sunshineoilsands.com). All figures are in Canadian dollars unless otherwise stated.
Highlights
- A strategic review process was initiated on August 6, 2013 to look at opportunities for additional funding in the form of debt, equity, JV arrangements or other structures to fund the development of our substantial asset base.
- With only about three months remaining to first steam, Sunshine suspended construction of the West Ells project pending the infusion of additional capital. With the construction suspension in effect, the date for Phase 1 first steam will depend on when sufficient funding is obtained and construction restarted.
- Our Thickwood 10,000 barrels per day SAGD project received Order in Council approval, a critical step in beginning to realize the potential of the Thickwood area.
- Following the end of the quarter, we announced the formation of a joint venture in our Muskwa and Godin areas, with 100% of the initial development funding to be provided by our JV partner, demonstrating the quality of our development potential.