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11/04/2010 8:00AM - PR Newswire Ivanhoe Energy's Tamarack Project marks major advance toward production with submission of regulatory application Initial output of 20,000 barrels per day projected in 2013 CALGARY, Nov. 4 /PRNewswire/ - David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN) announced today that the company has completed a major milestone towards commercial production at its Tamarack Project with the submission of its regulatory application to the Government of Alberta. The application is for the development of an integrated in-situ heavy oil project to be built in two phases, each 20,000 barrels per day, with ultimate production capacity of approximately 40,000 barrels per day (bitumen basis). "Filing this application marks the culmination of over three years of detailed environmental, engineering and geological work as well as extensive socio-economic analysis," Mr. Dyck said. "Our team has worked diligently to prepare and complete this application, and its submission to the regulatory authorities is the next critical step in our development schedule which targets first oil in 2013." The application contains a full deion of the detailed project development plan and a comprehensive Environmental Impact Assessment. In support of the application, Basic Engineering and Design and Front End Engineering and Design were completed to generate a Class III (+25/-20%) capital cost estimate. Ivanhoe Energy's top-tier contractors, AMEC in London, England and AMEC-BDR in Calgary, Alberta worked closely with Ivanhoe Energy's technical team throughout this process. As part of the application process, Ivanhoe Energy conducted extensive public consultation, including over 800 meetings and direct communications, to seek ideas and feedback from aboriginal groups, area residents, government and other key stakeholders. An integrated SAGD/HTL project Tamarack is a 6,880-acre contiguous block located approximately 10 miles (16 km) northeast of Fort McMurray. Ivanhoe Energy holds a 100 percent working interest in the Project, subject only to a 20% back-in right held by Talisman Energy, which expires in mid-2011. Ivanhoe Energy's independent reserve evaluator, GLJ Petroleum Consultants Ltd. (GLJ), has assigned best-estimate contingent resources of 441 million barrels of bitumen to the Tamarack Project. With the submission of this regulatory application, Ivanhoe Energy expects to update its resource estimates coincident with the company's year-end reporting and transition a portion of its contingent resources to the probable and possible reserve category. |
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| aus der Diskussion: | Ivanhoe Energy Corp. |
| Autor (Datum des Eintrages): | scherge007 (05.11.10 11:19:21) |
| Beitrag: | 7 von 13 (ID:40461531) |
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