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Two thousand and thirteen is an exciting year for Laricina as we continue to optimize the process in the Grosmont C and are progressing the understanding of the recovery process for the Grosmont D, at the Saleski Pilot. We have demonstrated that the Grosmont C zone best responds to C-SAGD and can produce at commercial production rates. Our aim is to optimize performance using C-SAGD wells and to deliver production at sustained rates in the Grosmont C, and to confirm expected commercial rates from the Grosmont D while working within the constraints and limitations of the facilities at the pilot.
At Germain, our commercial demonstration project (CDP), is scheduled to come on-stream this year. We have made steady, measured construction progress at the CDP and are in the final stages of construction. The final four well-pairs were completed in January, and the final modules required for start-up were delivered to site in February. We expect construction to be complete by early June and commissioning has already started on certain finished systems. The planned operating staff for the CDP is approximately 40 and the hiring is nearly complete. First steam is targeted for the end of June, followed by first production anticipated for early fall. The CDP will start up using conventional steam-assisted gravity drainage (SAGD), and will transition to solventcyclic SAGD (SC-SAGD) during the production ramp-up phase over the following 12 to 18 months. We expect per well production to steadily increase to near design capacity before yearend 2014.
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About Laricina Energy Ltd.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.
Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development, and experienced people with the requisite technical expertise. Laricina has identified five core areas with commercial production potential in excess of 600,000 gross barrels of bitumen per day from a large concentrated resource base with 387 million barrels of probable reserves and 4.6 billion barrels of contingent plus prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers. These assets include oil sands resources in the familiar McMurray Formation, and the developing Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant production potential.
This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to final regulatory approval from the Energy Resources Conservation Board and Alberta Environment. Forwardlooking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company 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 information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina 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 message, except as 2 required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.
For further information please contact:
Heidi Christensen Brown
Senior Analyst, Investor Relations
Laricina Energy Ltd.
East Tower, 5th Ave Place
800, 425 1st Street SW
Calgary, AB. T2P 3L8