acrock.., I will post the full text for you. When not taken out of context your exercpts are really quite positive.
Canada - Sawn Lake (operated by Andora, in which Pan Orient has a 71.8% ownership interest)
The objective of this initial pilot well pair was to establish that the SAGD process works in the Bluesky formation reservoir, and results to date support this. We are now focused on achieving commercial rates and targeting to reach production of between 345 and 370 barrels of bitumen per day, with associated steam oil ratios of between 4.7 and 3.8. These production parameters correspond to the Best and High case estimates used by Sproule Unconventional Limited in the December 31, 2013 NI51-101 compliant Sawn Lake contingent resource report for a well pair drilled in a 15 to 20 meter thick reservoir with no bottom or top water. We expect to achieve these results in early March 2015 when reservoir modelling indicates that the steam chamber will reach the top of the Bluesky formation sandstone reservoir. Maximum production is anticipated to occur in September 2015 corresponding to the end of the first year of production. However, production results to date are of course not necessarily indicative of long-term performance or of ultimate recovery.
The Sawn Lake Partners will meet at the beginning of 2015 in order to decide upon an agenda to spend a capital budget of $12.0 million (Andora share: $6.0 million). This budget would include the drilling of an additional well pair (approximately $8.2 million gross) in addition to Phase 2 front end engineering and design, and facility upgrades. Andora's cash position at September 30, 2014 was $12.1 million, which is more than sufficient to meet the expected capital and operating requirements through 2015.
