Osum completes latest phase of expansion at Orion

Osum completes latest phase of expansion at Orion

Privately-held Osum Oil Sands announced the completion of its most recent expansion at the Orion Thermal Project, located about 40km northwest of Cold Lake, Alberta.

MAP COURTESY ORION OIL SANDS

The company says its Phase 2B and 2C expansions, which saw the addition of two new evaporators, one new boiler and 6 new well pairs, were completed ahead of schedule and under budget. Steam capacity at the SAGD facility has been boosted from about 6,000 m³/day to 10,350 m³/day.

Average production exceeded 11,000 bbl/day in the third quarter, a 30% increase from Q2. Osum expects to exit 2018 at about 14,000 bbl/day, reaching 18,000 bbl/day by the end of Q3 2019, three months ahead of its previous forecast.

The company is now in the planning phase for another expansion that will see average daily production top 20,000 bbl/day. If all goes according to plan, Osum expects to sanction its Phase 2D expansion sometime in 2019.

The Orion property was purchased from Royal Dutch Shell in 2014 for $325 million.


SOURCES:
OSUM • OSUM ANNOUNCES SUCCESSFUL COMPLETION OF EXPANSIONS AT ORION • OCT 2018
OSUM • CORPORATE PRESENTATION • OCT 2018
OSUM • 2017 ANNUAL PERFORMANCE REPORT • MAY 2018
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