Highlights of Sawn Lake, Alberta Contingent Resources Report as at June 30, 2016
Results of the demonstration project increased unrisked recoverable resources 8%, significantly increased average peak production rates and decreased the requirement for natural gas by 16%.
Andora's unrisked "Best Estimate" contingent resources increased 8% to 231.6 million barrels of recoverable bitumen (166.3 million barrels net to Pan Orient's 71.8% interest in Andora).
The estimated before tax net present value, discounted at 10%, of Andora's unrisked "Best Estimate" contingent resources increased 21% to $568 million ($408 million net to Pan Orient's 71.8% interest in Andora), despite a 15% decrease in the forecast average realized price per barrel for bitumen, given the performance of the demonstration project in terms of peak production rate and cumulative steam-oil ratio ("CSOR")