Opti InterviewINTERVIEW-Opti Canada sees no early sale of company
Monday January 11, 2010 02:31:14 PM GMT
OPTI-SALE (INTERVIEW, URGENT)
LONDON, Jan 11 (Reuters) - Oil sands project developer Opti Canada said it was making good progress in its strategic review, which could involve the sale of the company, but added no deal was likely until the middle of the year "at best".
"We're well underway but .. it's not a near-term event," Chief Executive Officer Chris Slubicki told Reuters in an interview on the sidelines of the TD Newcrest oil conference in London.
Opti said in November it was looking at a possible sale of the company, which is heavily indebted and faces challenges in coming up with the cash needed for planned future phases in the development of its Long Lake oil sands project.
"Opti is too small a company to undertake future phases alone," Slubicki said.
"It's no secret Opti is over-levered. We have to correct our balance sheet," he said.
Opti's partners are likely to decide to press ahead with Phase 2 of Long Lake in 2011, Slubicki said, by which stage Opti will be under more pressure to conclude a deal. (Editing by Rupert Winchester)
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