Resource Estimates and Production - Sunshine Oilsands has an estimated recoverable resource of approximately 1.53 billion barrels as of December 31, 2023, with a best estimate of 910 million barrels in the Athabasca region[3]. - The average production of diluted bitumen for the three and six months ended June 30, 2024, was 905.2 barrels per day and 1,045.5 barrels per day, respectively[4]. - For the second quarter of 2024, the company reported bitumen sales of 10,674 barrels per day, a decrease from 11,064 barrels per day in the second quarter of 2023[8]. - The company plans to enter the second phase of the West Ells project, which aims to increase production by an additional 5,000 barrels per day once financing is secured[3]. - Oil sands heavy oil production averaged 905 barrels per day for the three months ended June 30, 2024, down from 1,267 barrels per day in the same period of 2023[14]. - Oil sands heavy oil sales averaged 884 barrels per day for the three months ended June 30, 2024, compared to 1,294 barrels per day in the same period of 2023[15]. - The West Ells project has fully resumed production, and the company will continue to monitor developments in the crude oil market[60]. Financial Performance - The net loss attributable to equity holders for the second quarter of 2024 was CAD 10.97 million, compared to a net loss of CAD 5.75 million in the second quarter of 2023[8]. - For the three months ended June 30, 2024, the company reported oil sands heavy oil revenue of CAD 6.00 million, a decrease of CAD 1.50 million from CAD 7.54 million in the same period of 2023[10]. - The company reported a net income of CAD 0.30 million for the six months ended June 30, 2024, compared to a net loss of CAD 4.40 million in the same period of 2023[12]. - As of June 30, 2024, the company reported a net loss attributable to shareholders of CAD 33.1 million and a working capital deficiency of CAD 83.8 million[34]. - The working capital deficit as of June 30, 2024, was CAD 83.772 million, compared to CAD 79.458 million as of December 31, 2023, reflecting an increase in the deficit[31]. - Shareholders' equity decreased to CAD 57.782 million as of June 30, 2024, down from CAD 91.047 million as of December 31, 2023[31]. Costs and Expenses - The average realized price for diluted bitumen was CAD 50.67 per barrel for the three months ended June 30, 2024, compared to CAD 54.30 per barrel for the same period in 2023[9]. - The company reported operating costs of CAD 3.27 million for the second quarter of 2024, down from CAD 4.47 million in the second quarter of 2023[8]. - The total operating costs, including energy and non-energy costs, for the six months ended June 30, 2024, were CAD 7.6 million, down from CAD 9.0 million in 2023, indicating improved cost efficiency[22]. - The total cost of diluent for the three and six months ended June 30, 2024, was CAD 4.7 million and CAD 9.6 million, respectively, compared to CAD 3.5 million and CAD 7.4 million for the same periods in 2023, reflecting an increase of CAD 1.2 million and CAD 2.2 million[20]. - The average transportation cost per barrel for the three and six months ended June 30, 2024, was CAD 13.29 and CAD 14.87, respectively, down from CAD 24.99 and CAD 23.97 in 2023, reflecting a reduction in transportation distance[21]. - The operating cash flow for the three months ended June 30, 2024, was CAD 0.80 million, compared to a net loss of CAD 0.70 million in the same period of 2023[11]. Debt and Financing - The company has incurred unsecured debt totaling USD 56 million (approximately CAD 76.6 million) as of June 30, 2024[32]. - The company's debt-to-asset ratio increased to 92% as of June 30, 2024, compared to 88% as of December 31, 2023[34]. - The company entered into an interest waiver agreement, resulting in a waiver of accrued interest amounting to USD 31.5 million for the period from January 1, 2024, to December 31, 2024[31]. - The company has unsecured loans from related parties totaling approximately CAD 53,375,000, with an interest rate of 10%, which can be deferred for 2 to 3 years[37]. - The total amount of loans from shareholders is approximately CAD 21,190,000, due within one to three years[37]. Tax and Legal Matters - As of June 30, 2024, the company had total available tax deductions of approximately CAD 1.43 billion, with unrecognized tax losses expiring between 2029 and 2043[30]. - The company received a payment notice from RMWB regarding municipal property taxes amounting to CAD 15.8 million, along with overdue penalties of CAD 13.6 million[32]. - The company is actively negotiating a settlement plan with RMWB to address the overdue penalties and believes the property tax notice is not compliant with relevant laws[32]. - The company has a pending court judgment requiring it to pay USD 19.694 million (approximately CAD 26.048 million) to non-compliant bondholders[33]. Operational and Strategic Developments - The company is focusing on cost control and will restart activities in the Muskwa and Godin areas with joint ventures[60]. - The company confirmed no further indications of impairment losses for exploration and evaluation (E&E) or property, plant, and equipment (PP&E) assets as of June 30, 2024[29]. - The company has entered into a deferral and amendment agreement covering the period from September 1, 2023, to August 31, 2025, with an annual interest rate of 10% on all outstanding amounts[32]. - The company continues to face significant risks and uncertainties in its resource exploration, development, and refining business[41]. Shareholder Information - The company reported a total of 243,478,681 shares of Class "A" common stock issued as of June 30, 2024[57]. - The company’s executive chairman, Mr. Sun Guoping, beneficially owns, controls, or directs 150,232,591 common shares, representing about 61.70% of the company’s issued common shares[37]. - The company did not declare or pay any dividends for the six-month period ended June 30, 2024, consistent with the previous year[58].
阳光油砂(02012) - 2024 - 中期业绩