Financial Performance - The company reported a net loss attributable to equity holders of CAD 26.655 million for Q3 2022, compared to a net loss of CAD 46.173 million in Q2 2022[11]. - The company’s operating loss for Q3 2022 was CAD 4.030 million, a decrease from CAD 5.002 million in Q2 2022[11]. - The net operating cash flow for the three months ended September 30, 2022, was a loss of $1,814,000, compared to a loss of $1,843,000 in the same period of 2021[12]. - The company reported a significant increase in realized oil sands heavy oil revenue, primarily due to the recovery of production at the West Ells project[22]. - The company experienced a depletion of CAD 1.8 million for the three and nine months ended September 30, 2022, compared to zero for the same periods in 2021, due to increased oil sands production[35]. - The company recognized a total impairment reversal amount of CAD 191.8 million for the nine months ended September 30, 2022, primarily due to an increase in oil price forecasts by independent reservoir engineers[39]. Production and Sales - The average oil sands heavy oil production for the three and nine months ended September 30, 2022, was 878 barrels per day and 296 barrels per day, respectively[6]. - The average sales volume of diluted oil sands heavy oil for the same periods was 989.7 barrels per day and 351.4 barrels per day[6]. - For the three months ended September 30, 2022, the realized oil sands heavy oil revenue was $4,671,000, compared to $0 in the same period of 2021, representing a significant increase[12]. - The average production of oil sands heavy oil for the three months ended September 30, 2022, was 878 barrels per day, up from 0 barrels per day in the same period of 2021[15]. - The average sales volume of oil sands heavy oil for the three months ended September 30, 2022, was 802 barrels per day, compared to 0 barrels per day in the same period of 2021, indicating a recovery in production and sales[16]. - The oil sales revenue (net of royalties) for the three months ended September 30, 2022, was $7,089,000, compared to $0 in the same period of 2021, reflecting increased production and sales[17]. Costs and Expenses - The company’s financing costs for Q3 2022 were CAD 13.003 million, compared to CAD 12.166 million in Q2 2022[11]. - The cost of diluent for the three months ended September 30, 2022, was $3,094,000, reflecting the costs associated with mixing diluent with heavy oil[23]. - The average cost per barrel for diluent was $33.98 for the three months ended September 30, 2022, compared to not applicable in the same period of 2021[23]. - Total operating costs increased from CAD 1.841 million and CAD 5.268 million in the same periods last year to CAD 4.030 million and CAD 12.436 million, respectively, primarily due to the resumption of production at West Ells[27][28]. - General and administrative costs for the three and nine months ended September 30, 2022, were CAD 2.5 million and CAD 8.7 million, respectively, compared to CAD 2.1 million and CAD 5.0 million last year[29]. - The company has resumed production at West Ells, which has led to increased fixed non-energy costs and energy costs[28]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to CAD 944.563 million, an increase from CAD 877.108 million in the previous quarter[11]. - The company’s working capital deficit as of September 30, 2022, was CAD 499.3 million, compared to CAD 93 million as of December 31, 2021[41]. - The company's debt-to-asset ratio was 68% as of September 30, 2022, down from 77% as of December 31, 2021[46]. - The company has incurred a total of CAD 46.6 million in unsecured permitted debt as of September 30, 2022[42]. Tax and Regulatory Matters - The company's total available tax deductions amounted to approximately CAD 1.65 billion, with unrecognized tax losses expiring between 2033 and 2042[40]. - The company is actively negotiating a settlement plan regarding municipal property taxes amounting to CAD 13.4 million, along with overdue penalties of CAD 10.9 million[42]. Cash Flow and Financing - The company’s cash position as of September 30, 2022, was CAD 900,000[5]. - The cash flow used in operating activities for the three months ended September 30, 2022, was (5.52 million CAD), compared to 7.05 million CAD for the same period in 2021[64]. - For the nine months ended September 30, 2022, the cash flow used in operating activities was (16.09 million CAD), compared to 2.18 million CAD for the same period in 2021[64]. Shareholder Information - As of September 30, 2022, the company had 243,478,681 issued Class "A" common shares[76]. - The company reported no dividends declared or paid for the nine months ended September 30, 2022, consistent with the previous year[79]. Corporate Governance - The company has adopted the corporate governance code and standard code for securities transactions as per Hong Kong Stock Exchange regulations[68][69]. - The company has not identified any significant changes in internal controls over financial reporting that would materially affect the financial statements as of September 30, 2022[60]. - The company’s internal controls over financial reporting were assessed as effective as of September 30, 2022[59]. Future Outlook - 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[4]. - The company is focusing on cost control and will restart activities in the Muskwa and Godin areas with joint ventures[82]. - The West Ells project has fully resumed production, and the company will continue to monitor the developments in the crude oil market and the COVID-19 pandemic in North America[82].
阳光油砂(02012) - 2022 Q3 - 季度财报