The turnaround was scheduled to occur in the second half of 2013 but has been advanced due to reduced throughput following an outage on an associated boiler unit, which underwent unplanned maintenance in May as previously disclosed. The turnaround is anticipated to take approximately 50 days.
COS continues to expect production at Syncrude to be in the range of 100 to 110 million barrels for 2013 with no material impact on operating costs.
Forward-Looking Information Advisory
In the interest of providing shareholders and potential investors with information regarding Canadian Oil Sands Limited (the “Corporation”), including management’s assessment of the Corporation’s annual production and cost estimates, this press release contains “forward-looking information” under applicable securities law. Forward-looking statements are typically identified by words such as “anticipate”, “expect”, “believe”, “plan”, “intend” or similar words suggesting future outcomes. Forward-looking statements in this press release include statements with respect to: the anticipation that the turnaround of Coker 8-1 will take approximately 50 days; the expectation that production at Syncrude will be in the range of 100 million barrels to 110 million barrels for 2013 and the expectation that the turnaround of Coker 8-1 will have no material impact on operating costs.
You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Although the Corporation believes that the expectations represented by such forward-looking statements are reasonable and reflect the current views of the Corporation with respect to future events, there can be no assurance that such assumptions and expectations will prove to be correct.
The factors or assumptions on which the forward-looking information is based include, but are not limited to: assumptions on labour productivity and material availability at Syncrude as well as those assumptions outlined in the Corporation’s guidance document as posted on the Corporation’s website at www.cdnoilsands.com, as subsequently amended or replaced from time to time, including without limitation, the assumptions as to production, operating expenses and oil prices. Some of the risks and other factors which could cause actual results to differ materially from current expectations expressed in this press release include, but are not limited to: the occurrence of unexpected events such as fires, blowouts, equipment failures and other similar events, skilled labour shortages or material shortages and the unsuccessful or untimely implementation of maintenance projects.
You are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Canadian Oil Sands Limited
Canadian Oil Sands is a pure investment opportunity in light, sweet crude oil. Through our 36.74% interest in the Syncrude project, we offer a solid, robust production stream of fully upgraded crude oil, exposure to future crude oil prices, potential growth through high-quality oil sands leases and an attractive dividend.
For more information about Canadian Oil Sands please visit our web site at www.cdnoilsands.com.
VP, Investor & Corporate Relations
Canadian Oil Sands Limited
Manager, Investor Relations