Tamarack UpdateThis was released this morning:
Ivanhoe Energy reviewing Tamarack re policy change
2013-12-16 08:14 ET - News Release
An anonymous director reports
IVANHOE ENERGY RECEIVES PROCESS CLARITY ON SHALLOW SAGD PROJECTS FROM THE ALBERTA ENERGY REGULATOR
The Alberta Energy Regulator (AER) intends to develop a new long-term policy for reviewing shallow steam-assisted gravity drainage (SAGD) applications in Alberta, providing clarity to Ivanhoe Energy Inc. Following discussions with each affected industry applicant, and by the end of January, 2014, the AER plans to publish interim guidelines. Then, following extensive industry and stakeholder engagement, the AER will develop a long-term policy. This decision and process affects all shallow SAGD projects, not just Ivanhoe's Tamarack project.
Ivanhoe Energy began the regulatory process in November, 2010, was informed that its application was complete by Alberta Environment and Sustainable Resource Development (AESRD) in January, 2013, and enhanced its application with an addendum in August, 2013. The addendum included results from the testing and coring of three additional wells and 3-D seismic data from a portion of the project's area. Ivanhoe met with the AER on Dec. 13, 2013, and was advised that the project would not continue to be processed until 3-D seismic has been collected and interpreted over the entire initial development area and the maximum operating pressure meets the interim guidelines.
In light of these new standards, Ivanhoe will review the project and consider its next steps. The company will communicate those steps as soon as they are finalized. Ivanhoe believes that the Tamarack project is economically attractive and poses no operational, environmental or safety concerns.
We seek Safe Harbor.
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