Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram. http://www.plant.ca/wnw8l #mfg #manufacturing, Pfizer raises concerns on probe of Ottawa's pandemic response . The results of this drilling program have confirmed that the Telephone Lake reservoir has high permeability and a thickness similar to that of Cenovus's existing Christina Lake thermal oil sands project. No mining. Approximately 70% of the top water was removed during the dewatering pilot and replaced with compressed air, which Cenovus expects will improve the steam to oil ratio (SOR) of the project. The remaining contingencies applicable to the reclassification of contingent resources to proved plus probable reserves include development plan approval by the company and project sanctioning. The results of this drilling program have confirmed that the Telephone Lake reservoir has high permeability and a thickness similar to that of Cenovus's existing Christina Lake thermal oil sands project. Cenovus’s 100 percent owned Telephone Lake property is located in the Borealis Region in northeastern Alberta, approximately 90 kilometers northeast of Fort McMurray, Alberta. For more information, visit cenovus.com. The risk factors and uncertainties that could cause our actual results to differ materially, include: volatility of and assumptions regarding oil and gas prices; the effectiveness of our risk management program, including the impact of derivative financial instruments and the success of our hedging strategies; the accuracy of cost estimates; fluctuations in commodity prices, currency and interest rates; fluctuations in product supply and demand; market competition, including from alternative energy sources; risks inherent in our marketing operations, including credit risks; maintaining desirable ratios of debt to adjusted EBITDA as well as debt to capitalization; our ability to access various sources of debt and equity capital; accuracy of our reserves, resources and future production estimates; our ability to replace and expand oil and gas reserves; our ability to maintain our relationships with our partners and to successfully manage and operate our integrated heavy oil business; reliability of our assets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; refining and marketing margins; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of crude oil into petroleum and chemical products; risks associated with technology and its application to our business; the timing and the costs of well and pipeline construction; our ability to secure adequate product transportation, including sufficient crude-by-rail or other alternate transportation; changes in the regulatory framework in any of the locations in which we operate, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards on our business, our financial results and our consolidated financial statements; changes in the general economic, market and business conditions; the political and economic conditions in the countries in which we operate; the occurrence of unexpected events such as war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits and regulatory actions against us. Initial phases approved for production capacity of 90,000 bbls/d. The company has drilled more than 300 stratigraphic test wells at the property over the past 10 years. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. The factors or assumptions on which the forward-looking information is based include: assumptions disclosed in our current guidance, available at cenovus.com; our projected capital investment levels, the flexibility of our capital spending plans and the associated source of funding; estimates of quantities of oil, bitumen, natural gas and liquids from properties and other sources not currently classified as proved; our ability to obtain necessary regulatory and partner approvals; the successful and timely implementation of capital projects or stages thereof; our ability to generate sufficient cash flow from operations to meet our current and future obligations; and other risks and uncertainties described from time to time in the filings we make with securities regulatory authorities. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. Telephone Lake is expected to eventually have total production capacity in excess of 300,000 bbls/d, with a project life of more than 40 years. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Construction of phase A at the company's Narrows Lake project is progressing. The proposed project is located approximately 90 kilometres northeast of Fort McMurray, within the company’s Borealis Region of northern Alberta. http://www.plant.ca/MPhpy #mfg #manufacturing, Maxim Power switches from coal to natural gas near Grande Cache. As of December 31, 2013, the independent qualified reserves evaluator (IQRE) estimated Cenovus's best estimate bitumen economic contingent resources for Telephone Lake at 2.6 billion barrels.
"We're pleased to have received regulatory approval for Telephone Lake as it has the potential to be another cornerstone asset within our portfolio," said Brian Ferguson, Cenovus President & Chief Executive Officer. Cenovus also conducted a dewatering pilot project that was successfully concluded during the fourth quarter of 2013, demonstrating the company's ability to remove an underground layer of non-potable water sitting on top of the oil sands deposit at Telephone Lake. For more information, visit cenovus.com. Estimates are presented using McDaniel & Associates Consultants Ltd. ("McDaniel") January 1, 2014 price forecast. There is no certainty that it will be commercially viable to produce any portion of the contingent resources. For further information: CENOVUS CONTACTS: Investor Relations: Susan Grey, Director, Investor Relations, 403-766-4751; Graham Ingram, Senior Analyst, Investor Relations, 403-766-2849; Anna Kozicky, Senior Analyst, Investor Relations, 403-766-4277; Media: Brett Harris, Media Lead, 403-766-3420; Reg Curren, Senior Media Advisor, 403-766-2004; General media line, 403-766-7751. Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram. "We're excited about the opportunity that this high quality asset provides for us to create future value.". Cenovus has been working to expand its understanding of the Telephone Lake property. Cenovus has 50% ownership of these three projects with its partner ConocoPhillips. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied. Forward-looking information in this document is identified by words such as "anticipate", "believe", "expect", "plan", "forecast" or "F", "projected", "proposed", "schedule", "potential", or similar expressions and includes suggestions of future outcomes, including statements about our growth strategy and related schedules, forecast operating results, planned capital expenditures, expected future production, including the timing, stability or growth thereof, expected increase in production capacity through optimization activity and debottlenecking, anticipated timelines for future regulatory, partner or internal approvals, future impact of regulatory measures, future use and development of technology, including to reduce our environmental impact and projected increasing shareholder value. Cenovus has been working to expand its understanding of the Telephone Lake property. TSX falls on energy weakness as surging virus cases weigh, Canada's Cenovus to buy Husky for $2.9 billion as pandemic drives oil mergers. Canadian companies join forces to test shared spaces for COVID-19, Environment minister reconsidering staying out of Alberta coal mine review, Trump reins in major environmental law to speed big projects, Trudeau apologizes for not recusing himself from WE decision, H-Source, Relevium partner to develop global supply of PPE, US House of Representatives approves Keystone XL construction, Ottawa to punish resource firms breaking social responsibility rules abroad. Its enterprise value is approximately $27 billion.