MEG Emery says first oil from the next phase of its Christina Lake SAGD project is expected by the end of this year.
It says it produced over 32-million barrels in the second quarter.
It lost just over $62-million in income, compared to losing just under $30-million in Q2 last year.
It attributes that to an unrealized foreign exchange loss while paying the company’s U.S. dollar debt.
But it is making money from its operations; it says it brought in about $13.5-million compared to $11 million last year.
Christina Lake’s next phase is expected to produce 32,000 barrels per day, and by 2020 with all phases online it should produce 210-thousand.
The site is located 150 kilometres south of Fort McMurray.
MEG Energy also owns the proposed SAGD Surmont Project with a design for 120,000 bpd.
It’s located 80 kilometres south of Fort McMurray.
It’s expected to play a big part in the company’s growth strategy of achieving 260,000 bpd by 2020.
July 30th, 2013
