HONG KONG, CHINA and CALGARY, ALBERTA–(Marketwired – May 14, 2017) – The Board of Directors of Sunshine Oilsands Ltd. (“the Corporation” or “Sunshine“) (HKSE:2012) hereby announces the following:
WEST ELLS PHASE 1 POSITIVE PROGRESS – PRODUCTION VOLUME INCREASED BY 73% vs JANUARY 2017
The Corporation is pleased to announce that the daily production volume of West Ells Phase 1 project (“the Project”) located in the Athabasca region of Alberta has exceeded 3,800 barrels per day (bbl/day) on May 15, 2017 (Hong Kong Time)/ May 14, 2017 (Calgary Time). This represented a more than 73% increase from the production level of 2,200 bbl/day that the Corporation announced in January 2017.
The Corporation’s strategy is to ramp-up the production swiftly in order to capitalize on the recent oil price rebound. Sunshine expects the faster-than-expected production ramp-up would bring stronger revenue and cashflow for the Corporation.
Management expects West Ells Phase I to reach full production by end of 3Q 2017.
ABOUT SUNSHINE OILSANDS LTD.
The Corporation is a Calgary-based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production rate of 5,000 barrels per day.