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Southern Pacific Resource Corp STPJF

Energy Oil & Gas E&P
Southern Pacific Resource Corp. is a Canada-based company, which is engaged in the thermal production of heavy oil in Senlac, Saskatchewan on a property known as STP-Senlac, and thermal production of bitumen on a property located in the Athabasca region of Alberta known as STP-McKay, as well as exploration for and development of in-situ oil sands in the Athabasca region of Alberta. Its STP-McKay property consists of oil sands leases totaling approximately 37,760 acres. The Company’s operations also include Anzac, Hangingstone and Ells. The Company’s STP-McKay property is located approximately 45 kilometers northwest Ft. McMurray. The Anzac project covers approximately 117 kilometers of two-dimensional (2D) seismic. The Company owns 80% interest in Hangingstone project. The Ells project covers approximately 164 kilometers of two-dimensional (2D) seismic.


GREY:STPJF - Post by User

Southern Pacific Resource Corp > Going Concern?
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Post by Awardedon Jun 04, 2014 1:09pm
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Post# 22629590

Going Concern?

Going Concern?I am uneasy about the delay (or change in vendor) for ICD installation, deferral of Senlac expansion and capEx freeze until the strategic review is over.  If STP is to be a going concern (either alone, with joint venture, or sold), then I would think that any owner would want to see the project progressing. 

Can the board explore this issue?  What rationale is there for delaying progress?

The only things I can think of is that (1) the McKay wells (and ICDs) are failures (2) steam will be shipped from McKay to adjoining properties or (3) the McKay plant will be dismantled and shipped elsewhere.  Those scenarios, however, do not explain the Senlac delays or my sense of the conditions at McKay.

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