HONG KONG, Nov. 13, 2014 /CNW/ — Sunshine Oilsands Ltd. (“Sunshine” or the “Company”; HKEX: 2012; TSX: SUO) today announced its financial results for the third quarter of 2014. 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.
Chairman’s Message to Shareholders
Significant progress has been made in West Ells since closing of our debt financing in August. On-site civil earthworks commenced on August 13 and have materially upgraded our water drainage and heavy load management capabilities. Investigational analysis, quality assurance and control tasks have progressed very well. This, together with engagement of major mechanical, civil and electrical contractors and achievement of full operational capability in our 250 man construction camp, has allowed us to consistently ramp up construction activities since our formal construction recommencement date of October 15.
I am pleased to report that we currently remain on-track for first steam at the end of the first quarter of 2015 and for first production in the third quarter of 2015. Although we experienced some serious challenges in the past, support for our activities has been consistently evident in the leadership and tireless initiative shown by all of our personnel. We are committed, at all levels of our Company, to ensuring that our path forward involves careful and meticulously planned execution of our project initiatives.
On a more general note, Sunshine is firmly focused on ensuring success of the approved phases of West Ells for a very simple reason. In markets that are frustrated by reports of pre-startup challenges, startup challenges and cost overruns in oilsands projects, the importance of establishing a credible record of performance and validation of economic potential has become paramount. Our quality of performance in the initial phases of West Ells will clearly set the groundwork for progressing expansion applications and development in West Ells and in our Thickwood and Legend project areas. Going forward, we remain determined to achieve performance to, and above, expectations on all levels.
FORWARD-LOOKING INFORMATION AND DISCLAIMER
This document contains forward-looking information relating to, among other things: (a) the future financial performance and objectives of Sunshine Oilsands Ltd. (“Sunshine” or the “Company”); and (b) the plans and expectations of the Company. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as “estimate”, “forecast”, “expect”, “project”, “plan”, “target”, “vision”, “goal”, “outlook”, “may”, “will”, “should”, “believe”, “intend”, “anticipate”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Sunshine’s experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta’s regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although Sunshine believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this document are not exhaustive and readers are not to place undue reliance on forward-looking statements as our actual results may differ materially from those expressed or implied. Sunshine disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this document, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this document and are expressly qualified by these cautionary statements.
Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of our material risk factors, see “Risk Factors” in our most recent Annual Information Form and in our current MD&A for the three and nine months ended September 30, 2014 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or our website at www.sunshineoilsands.com.
About Sunshine Oilsands Ltd.
The Company is engaged in the evaluation and the development of oil properties for the future production of bitumen in the Athabasca oil sands region in Alberta, Canada. Sunshine trades on the HKEX under the symbol “2012” and on the TSX under the symbol “SUO”.
SOURCE Sunshine Oilsands Ltd.
For further information: Mr. Michael Hibberd, Chairman, Tel: (1) 403 984-1450, http://www.sunshineoilsands.com