The Thickwood Project obtains approval from governmental authority

By Marc Castro

Sep 16, 2013 05:14 AM EDT

Sunshine Oilsands Ltd recently announced the receipt pf the final Alberta Energy Regulator approval and received Commercial Scheme Number 12010 for the Thickwood Project. 

The Thickwood Project is the company's second Steam Assisted Gravity Drainage commercial development with a daily output of 10,000 barrels per day. The project increases the firm's approved SAGD commercial production capacity to 20,000 barrels per day. The number was according to independent evaluators' reserves and resource evaluations and was made effective last December 31, 2012. 

Overall, the Thickwood Project area has 163 million barrels of proved plus probable reserves with 341 million barrels of the Best Estimate Contingent resources. The firm projects that the Thickwood Project would be able to support approximately 70,000 barrels per day. 

The company is one of the biggest non-partnered holders of oil sand leases in the Athabasca region. This region is located in the province of Alberta, Canada. The company holds 7% of all the granted leases in the region.

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