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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Re: Conference Call
4
Nov 22, 2008 09:00AM

Nov 22, 2008 09:15AM

Good effort, Scott. You put a lot of time to this post.

There are some major mistakes and inaccuracy . IMO the most important part was the Q&A by the Analysts. Sharky I think you should wait with reposting on the other side before all is clear.

I am playing in the tennis tournament this weekend. Late Sunday I will have more time to respond.

Just some quick notes.

1. Available cash on non restricted acct is about $200 millions. Only half of this is hedge in $US. The revolving line of credit has only $180M available.

$300M extra mention by Scott is probable but not sure. It would have to be negotiated with the lenders.

The bottom line is that according to 2009 Capital expenditure CLL will use all line of credit and the cash flow which is based on $80 WTI(?) . I think this is why the RBC annalist drooped the CLL target price to $3 the day after the conference call. After all everything is about the balance of money. In 2009 CLL debt will growth to $900M(including convertibles). I hope the oil goes back above $50 to $60/bbl of bitumen so we can sleep at nihgt.

2. 1300 barrel of steam for 1 bbl of bitumen give you the SOR 1300 which could go to Genesis record. I think they were talking about one weel which is producing 1300 bbl/d of bitumen.




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