Sunshine Oilsands Faces Delays in Production Resumption Amid Financial and Regulatory Challenges

Sunshine Oilsands ( (HK:2012) ) has issued an update.

Sunshine Oilsands Ltd. has announced an update regarding its financial statements’ going concern basis for the year ended December 31, 2024. The company has faced delays in resuming production due to the suspension affecting its ability to raise funds for necessary repair and maintenance work to meet Alberta Energy Regulator requirements. The company is actively pursuing the Nobao asset acquisition and expects to raise funds within two months post-acquisition to complete the required repairs. However, an appeal with the AER may delay production resumption until the end of the first quarter of 2026. The company is also working on reducing leverage by settling creditors through share issuance.

More about Sunshine Oilsands

Sunshine Oilsands Ltd. is a Calgary-based public corporation listed on the Hong Kong Stock Exchange since 2012. The company focuses on developing its significant holdings of oil sands and heavy oil leases in the Athabasca oil sands region of Alberta, Canada.

Average Trading Volume: 2,777,714

Technical Sentiment Signal: Sell

Current Market Cap: HK$190.9M

For detailed information about 2012 stock, go to TipRanks’ Stock Analysis page.