Sunshine Oilsands Ltd. Appoints Qiping Men as Chief Financial Officer
Dec 20 15
Sunshine Oilsands Ltd. announced that Mr. Qiping Men has been appointed as the Chief Financial Officer of the corporation with effective from December 18, 2015. Mr. Men, aged 51, has been serving in the capacity of the Interim Chief Financial Officer of the corporation since July 21, 2014. Prior to joining Sunshine, Mr. Men was Vice President of Goldenkey Oil Inc.
Sunshine Oilsands Ltd. Commences Production at the West Ells Project
Dec 8 15
Sunshine Oilsands Ltd. announced that it has successfully commenced the first oil production at the West Ells project located in the Athabasca region of Alberta on or about December 8, 2015 (Hong Kong Time). The West Ells region covers 9,856 contiguous gross and net hectares and is located within the Athabasca oil sands region close to several high profile international oil companies. Sunshine's focus is on evaluating and developing its oil sands assets with the West Ells project, targeting an initial production rate of 10,000 barrels of heavy oil per day. Sunshine is fully committed to advancing its corporate initiatives to ensure that West Ells achieves a smooth startup of the Phase 1 facilities and achievement of nameplate capacity of 5,000 barrels per day. Phase 2 is expected to add an additional 5,000 barrels per day. The Corporation has a 100% working interest in its West Ells asset area with an ultimate development potential of 130,000 barrels per day.
Sunshine Oilsands Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Nov 15 15
Sunshine Oilsands Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, loss before income taxes was CAD 30,413,000 against CAD 1,338,000 last year. Net loss and comprehensive loss attributable to equity holders of the company was CAD 30,413,000 or CAD 0.01 per basic and diluted share against CAD 1,338,000 or CAD 0.00 per basic and diluted share last year. Payments for property, plant and equipment was CAD 30,508,000 against CAD 31,402,000 last year. Net cash used in operating activities was CAD 6,991,000 against CAD 7,042,000 last year. The increase in cash flow used in operation of CAD 1.3 million compared to the same period in 2014, is primarily due to an a increase in legal and audit expenses of CAD 0.6 million, a CAD 1.1 million increase in salaries, consulting and benefits, CAD 0.8 million in realized foreign exchange losses and a decrease in suspension costs, related to the West Ells project, of CAD 1.2 million. Payments for exploration and evaluation assets were CAD 592,000 against CAD 585,000 last year.
For the nine months, loss before income taxes was CAD 80,374,000 against CAD 14,487,000 last year. Net loss and comprehensive loss attributable to equity holders of the company was CAD 80,374,000 or CAD 0.02 per basic and diluted share against CAD 14,487,000 or CAD 0.00 per basic and diluted share last year. Payments for property, plant and equipment was CAD 125,309,000 against CAD 114,901,000 last year. The net loss for the third quarter and nine months ended September 30, 2015 was primarily affected by a foreign exchange loss of CAD 15.0 million and CAD 28.3 million, finance costs of CAD 10.6 million and CAD 29.7 million, general administration costs of CAD 5.4 million and CAD 14.9 million, CAD 0.3 million and CAD 1.3 million for share-based payment expense and offset by a gain of CAD 1.0 million and CAD 0.2 million on the fair value adjustment on share purchase warrants. Net cash used in operating activities was CAD 16,350,000 against CAD 29,784,000 last year. For the nine months, the decrease in cash flow used in operations of CAD 1.2 million is primarily due to an increase in salaries, consulting and benefits of CAD 2.8 million, an increase in realized foreign exchange losses of CAD 1.6 million, offset by CAD 0.5 million decrease in legal and audit costs, and a decrease in suspension costs, related to the West Ells project, of CAD 5.2 million. Payments for exploration and evaluation assets were CAD 1,231,000 against CAD 3,799,000 last year.