Sunshine Oilsands (HK:2012) has released an update.
Sunshine Oilsands Ltd., an oil sands resource holder and developer, is focusing on expanding its West Ells Project, currently producing 5,000 barrels per day, with the potential to double capacity pending financing. As of June 30, 2024, the company has invested $1.29 billion in assets and holds $0.91 million in cash, while its future relies on obtaining further financing and maintaining profitable operations amidst market challenges. Despite past disruptions, like a temporary production halt due to oil market volatility and COVID-19, the company has resumed operations and is reporting average production rates for the first half of 2024.
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