It appears that Connacher has gone a step further than the announcement at the London Presentation yesterday in which it was announced that Connacher would consider joint partnerships to fund its future expansion. The following was stated yesterday in Reuters:
"There has been considerable interest in the Canadian oil sands industry expressed by state oil (companies) and large multinational oil companies," Grant Ukrainetz, Vice President for Corporate Development, told a conference in London.
"We may consider joint ventures in terms of securing our long term goal, which is to be self-financing," he added http://uk.reuters.com/article/idUKWLB484620100111
The following article in todays Calgary Herald states that Connacher is currently in preliminary negotiations with a number of companies to explore the possibility of joint ventures:
Connacher in talks on ventures
From Herald News Services January 12, 2010
Partnerships - Oilsands developer Connacher Oil & Gas said it was in talks with potential partners who may take a stake in its assets in return for helping to fund their development.
"We have been approached by a number of companies and we are engaging them in dialogue. It is very preliminary," Grant Ukrainetz, vice-president for corporate development, told Reuters on Monday.
"We may consider joint ventures in terms of securing our long-term goal, which is to be self-financing," he said.
Funds to develop Connacher's growing resource base are not covered by the company's cash flows.
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Best Wishes; Scott
