Cenovus Energy puts more oil sands assets up for sale

Cenovus Energy puts more oil sands assets up for sale

Cenovus Energy has hired Sayer Energy Advisors to help it sell a number of light oil and oil sands assets in Alberta.

Among its oil sands lease holdings, Cenovus has identified several assets it would like to sell:

  • 4 leases in central Alberta (near Panny and Peace River) encompassing about 11,000 hectares of land, primarily within the Bluesky Formation.
  • 11 leases just southwest of Fort McMurray (near Godin and Portage/Duncan) in the Wabiskaw, Grand Rapids and McMurray Formations, encompassing 34,000 hectares of land.
  • Closer to Cold Lake, a 12,608 hectare property at Craigend, primarily in the Viking Formation.

The two light oil properties up for sale are located near the Puskwa and Simonette areas, encompassing about 30,000 hectares of land. The assets produce a small amount of oil and gas but the company says "significantly higher production rates" could be achieved if production is optimized.

All properties listed are 100% owned by Cenovus. The company says it is accepting bids until March 8, 2018.


SOURCES:
SAYER ENERGY ADVISORS • CENOVUS ENERGY: PROPERTY DIVESTITURE OFFERING DETAILS
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