Production and Revenue - As of December 31, 2023, the company reported an average oil sands heavy oil production of 1,604.4 barrels per day for the last three months and 946.1 barrels per day for the full year[5]. - The company achieved a diluted heavy oil revenue of CAD 11,932 thousand for the fourth quarter of 2023, compared to CAD 7,275 thousand in the same quarter of 2022, representing a year-over-year increase of approximately 64.5%[11]. - The average diluted heavy oil sales volume was 1,847.7 barrels per day for the last three months of 2023, up from 1,152.8 barrels per day for the full year[5]. - For the three months ended December 31, 2023, the realized oil sands heavy oil revenue increased by 320,000 CAD to 690,000 CAD from 370,000 CAD in the same period of 2022[12]. - For the twelve months ended December 31, 2023, the realized oil sands heavy oil revenue rose by 920,000 CAD to 1,780,000 CAD from 860,000 CAD in the same period of 2022[13]. - The average production of oil sands heavy oil for Q4 2023 was 1,604 barrels per day, an increase of 670 barrels per day compared to 934 barrels per day in Q4 2022[17]. - The average sales volume of oil sands heavy oil for Q4 2023 was 1,550 barrels per day, up from 816 barrels per day in Q4 2022, reflecting an increase of 734 barrels per day[18]. - Oil sales (net of royalties) for the twelve months ended December 31, 2023, were CAD 29.6 million, up from CAD 14.7 million in the same period of 2022, driven by increased sales following the full resumption of production at West Ells and a decrease in royalties due to lower WCS prices[20]. Financial Performance - The company reported a net loss attributable to equity holders of CAD 2,184 thousand for the fourth quarter of 2023, compared to a profit of CAD 490,832 thousand in the same quarter of 2022[9]. - The operating cash flow net loss for Q4 2023 was 1,450,000 CAD, a reduction from a net loss of 5,140,000 CAD in Q4 2022[15]. - The total operating cash flow net loss for the twelve months ended December 31, 2023, was 9,506,000 CAD, down from 15,185,000 CAD in the previous year[15]. - The company reported a net loss of CAD 18.7 million and a working capital deficit of CAD 79.5 million for the twelve months ending December 31, 2023[47]. - The debt-to-asset ratio increased to 88% as of December 31, 2023, compared to 85% as of December 31, 2022[47]. Costs and Expenses - Total capital expenditures for the fourth quarter of 2023 were CAD 378 thousand, a decrease from CAD 514 thousand in the fourth quarter of 2022[9]. - Total diluent costs for the three months ended December 31, 2023, were CAD 5.04 million, compared to CAD 3.60 million in the same period of 2022, with a per-barrel cost decrease of CAD 9.15, from CAD 38.80/barrel to CAD 29.65/barrel[22][23]. - Total diluent costs for the twelve months ended December 31, 2023, were CAD 12.46 million, up from CAD 6.98 million in 2022, with a per-barrel cost decrease of CAD 7.41, from CAD 37.03/barrel to CAD 29.62/barrel[24]. - Transportation costs for the three months ended December 31, 2023, were CAD 3.44 million, compared to CAD 2.05 million in the same period of 2022, with a per-barrel cost decrease of CAD 1.91, from CAD 22.12/barrel to CAD 20.21/barrel[25]. - Transportation costs for the twelve months ended December 31, 2023, were CAD 9.53 million, up from CAD 3.93 million in 2022, with a per-barrel cost increase from CAD 20.82/barrel to CAD 22.65/barrel[26]. - Total operating costs for the three months ended December 31, 2023, were CAD 4.53 million, down from CAD 6.51 million in the same period of 2022, with a per-barrel cost of CAD 26.64[27][28]. - Total operating costs for the twelve months ended December 31, 2023, were CAD 17.07 million, down from CAD 18.94 million in 2022, primarily due to lower natural gas prices[28]. - For the three months ended December 31, 2023, general and administrative expenses were CAD 2.883 million, an increase of CAD 0.5 million compared to CAD 2.391 million in the same period of 2022[29]. - For the twelve months ended December 31, 2023, general and administrative expenses totaled CAD 12.553 million, up from CAD 11.064 million in 2022, reflecting an increase of CAD 1.489 million[29]. Impairment and Asset Evaluation - The company evaluates its exploration and evaluation (E&E) and property, plant, and equipment (PP&E) assets for impairment indicators on each reporting date, using future cash flow estimates for impairment testing[35]. - As of December 31, 2023, the company did not recognize any impairment losses in its income statement for the E&E cash-generating unit and West Ells cash-generating unit[36]. - The estimated recoverable amounts for the E&E and West Ells cash-generating units were CAD 236.3 million and CAD 497.6 million, respectively, leading to an impairment of CAD 19.7 million for E&E and a reversal of CAD 20 million for West Ells as of December 31, 2022[38]. Financing and Debt - The company has incurred a total of USD 55 million (approximately CAD 72.8 million) in unsecured permitted debt as of December 31, 2023[41]. - The company has entered into a waiver agreement with deferral holders, allowing for a waiver of accrued interest amounting to USD 31.5 million from January 1, 2023, to December 31, 2023[40]. - The company is involved in ongoing negotiations regarding a municipal property tax claim of CAD 15.1 million, along with overdue penalties of CAD 14.9 million[44]. - A court ruling requires the company to pay USD 19.7 million (approximately CAD 26.0 million) to non-deferral holders, with an appeal expected to take place in July 2024[46]. - The total amount of unsecured loans from related companies is approximately CAD 51.93 million, with a term of 1 to 3 years[54]. Corporate Governance and Management - The company has committed to maintaining high standards of corporate governance to enhance shareholder value[68]. - The company's internal controls over financial reporting (ICFR) were assessed as effective as of December 31, 2023, with no significant changes identified that could materially impact financial reporting[62]. - The management discussion includes forward-looking statements that involve significant risks and uncertainties, which may cause actual results to differ materially from those projected[65]. - The company has applied for a three-month exemption from compliance with certain listing rules due to difficulties in finding suitable candidates for independent non-executive directors[68]. - The company is in the process of obtaining appropriate insurance for legal claims against its directors[69]. Shareholder Information - As of December 31, 2023, Sunshine Oilsands has issued a total of 243,478,681 Class "A" common shares[76]. - The company’s chairman holds approximately 61.70% of the issued common shares[53]. - No dividends were declared or paid for the twelve-month period ending December 31, 2023, consistent with the previous year[78]. Future Plans and Market 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[3]. - The company will continue to focus on cost control and closely monitor developments in the crude oil market[81]. - The West Ells project has fully resumed production as of the date of this announcement[81]. - The company plans to restart activities in the Muskwa and Godin areas in collaboration with joint ventures[81].
阳光油砂(02012) - 2023 - 年度业绩