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Key Facts on the Clearwater Project
Project type – SAGD, low-pressure recovery model, enhanced with solvent co-injection
Reservoir – McMurray Formation sands, 45 metres’ average thickness
Lease – Approximately 32 sections (20,480 hectares) of oil sands leases (100 percent working interest) of which 6 sections are believed to be currently accessible
Resource delineation – 60 core holes, extensively delineated to date, plus 8 km of 2D seismic and 1.6 km2 of 3D seismic
GLJ has assessed contingent resources of 373 million barrels in the best estimate case. The assessment reaffirms the magnitude and quality of the bitumen resources attributed to the Clearwater property and updates and supersedes all previous reports assigning probable reserves and contingent resources to the Company’s Clearwater Property.
Reservoir quality –
- Bitumen pay thickness – 20-55 metres net
- Porosity – Average 35 percent
- Bitumen saturation – Average 80 percent
- Shale cap – Continuous mudstone
- Bitumen viscosity – 7-10° API
Phase I project footprint – 10.3 hectares
Phase I main facilities – One steam boiler, one diluent fractionator, six SAGD well-pairs, observation wells, water source wells and pipelines, bitumen/diluent blending, temporary bitumen storage tanks, electricity and natural gas service, office/control room building, vapour recovery system, extensive tiltmeter network, various monitoring and observation sensors and systems. Central processing facility capable of generating 1,113 m3/d of steam and processing 4,350 bpd of bitumen production.
Planned peak production –
- Phase I – 4,350 bpd with 10-15-year operating life
- Phase II – 15,000-25,000 bpd with 25-30-year operating life
Capital spending -
- Through regulatory approval – Approx. $50 million
- Phase I capital requirement – Approx. $150 million
- Phase II capital requirement – Approx. $1 billion for 25,000 bpd
