RE:What UpRadcat, I am not sure where you are getting your SAGD operating costs but at a current ($57 x 1.33)= $75.81 Cdn./bbl they better make money. Currently SAGD production costs are below $20 Cdn, so if CEC can't make a go of it at these prices they should get out of the business.
It seems to me this company has spent their time running around Asia looking for an elephant instead of developing a potential 300 million reoverable bbls in their own back yard. They have allowed all last year to evaporate and did nothing to increase shareholder value, other than sell Asian assets at a fire sale. They have had this property for at least 15 years and allowed missed opportunites in 2010 to 2015 and then did produce oil just under a 1000 bbls/d just as prices collapsed, at a very respectable 2.3 steam/oil ratio. I don't believe the price is going to collapse again but what is the hold up?
https://open.alberta.ca/dataset/13ab3f73-6e4e-4aac-b56b-bff38800aa65/resource/e5c850e9-d479-494c-9343-284320d10ac7/download/2019-06-economic-spotlight.pdf