July 28, 2017 6:18 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Andora Energy Corporation

Company Overview

Andora Energy Corporation engages in the development and production of heavy oil resources from the prolific oil sands deposit in the Peace River District in the province of Alberta, Canada. The company was incorporated in 2004 and is based in Calgary, Canada. As of September 25, 2006, Andora Energy Corporation operates as a subsidiary of Pan Orient Energy Corp.

1505 505 3rd Street SW

Calgary, AB T2P 3E6


Founded in 2004





Key Executives for Andora Energy Corporation

Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Co-Founder and Vice Chairman
Age: 67
Co-Founder, Vice President and Corporate Secretary
Age: 45
Compensation as of Fiscal Year 2017.

Andora Energy Corporation Key Developments

Andora Energy Corporation Provides Update on Steam Assisted Gravity Drainage Oil Sands Project

Pan Orient Energy Corp. on behalf of its 71.8% owned subsidiary Andora Energy Corporation, is providing an update for Andora's Steam Assisted Gravity Drainage ("SAGD") oil sands project at Sawn Lake Alberta, Canada. Bitumen production in 2016 at the Sawn Lake Demonstration Project has reached a steady state production level over the past seven weeks of 606 barrels per day ("BOPD") (303 BOPD net to Andora) with an instantaneous steam-oil ratio ("ISOR") of 2.2 from the one SAGD wellpair. Bitumen production, on a 100% basis, averaged 596 BOPD with an ISOR of 2.2 in January and has averaged 620 BOPD with an ISOR of 2.1 during the first 21 days of February. A December 31, 2014 contingent resources report by Sproule Unconventional Limited assigned the following values to the demonstration project SAGD well pair as 2016 averages: Low Case of 242 BOPD with an ISOR of 5.7; Best Case of 345 BOPD with an ISOR of 4: High Case of 449 BOPD with an ISOR of 3.1. The demonstration project commenced bitumen production in September 2014 and has successfully captured the key data associated with the objectives of the demonstration project. The demonstration project has: demonstrated that the SAGD process works in the Bluesky formation at Sawn Lake; established characteristics of ramp up through stabilization of SAGD performance; indicated the productive capability and ISOR, and provided critical information required for well and facility design associated with future commercial development. Given the current low price environment for bitumen, Andora and its joint venture partners have decided to suspend the Sawn Lake Demonstration Project operations at the end of February 2016. This decision considers the expectation that extremely low bitumen prices may continue for some time and the estimated time required for approval of the 3,200 BOPD expansion application at the demonstration project site, which is being submitted in March 2016. It is expected that a reactivation of the demonstration project facility and wellpair would be considered as part of a potential commercial expansion to 3,200 BOPD. An expansion is dependent on regulatory approval, completion of detailed engineering and a higher commodity price environment to support project economics and financing. Work continues with respect to submitting the expansion application, and updating the Sawn Lake reservoir model and contingent resource report to incorporate the results of the demonstration project. Production results to date are not necessarily indicative of long-term performance or of ultimate recovery and the Sawn Lake demonstration project has not yet proven that it is commercially viable.

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Recent Private Companies Transactions

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