UTS Energy’s oilsands project partnership to spend $540 million in 2009
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Hey there, time traveller!
This article was published 11/12/2008 (6173 days ago), so information in it may no longer be current.
CALGARY – UTS Energy Corp. (TSX:UTS), a Calgary-based oilsands company which has a stake in the Fort Hills oilsands project, say the Fort Hills Partnership plans to spend $540 million in capital spending in 2009.
Of that total, UTS’s share is $24.5 million. For the first quarter, the partnership has approved spending of $215 million, of which $8.6 million is UTS’s share.
UTS said that during the 2009 first quarter, Petro-Canada (TSX:PCA) as operator, will reassess the size of the Fort Hills project as it negotiates a lease extension agreement with the Alberta government.
“The Fort Hills budget is designed to provide the Fort Hills Partnership sufficient time to work together, and with the Alberta government, to come to agreement on the best size and schedule for the Fort Hills project,” said William Roach, president and chief executive of UTS.
“This will also allow more time for the capital markets to normalize prior to UTS needing the requisite Fort Hills financing.”
UTS owns a 20 per cent stake in the Fort Hills project, located 90 kilometres north of Fort McMurray, Alta. The other partners are Petro-Canada, with 60 per cent, and mining giant Teck-Cominco Ltd., also with 20 per cent.
In early trading on the TSX, UTS shares fell two cents to 81 cents.