Expansion Phases

Each subsequent phase will leverage the significant knowledge and experience gained in the development of previous phases.

MULTI-PHASE EXPANSION PROJECTS UNDER DEVELOPMENT


OPTI is moving forward with plans to reach 360,000 bbl/d (180,000 bbl/d net to OPTI), of PSCTM production.

Each future phase is planned to be of a similar size and design to the Long Lake Project and anticipated to consist of integrated SAGD and OrCrude™ Upgrader projects. Efficiencies gained by repeating and improving upon existing execution plans without changing major process units are expected to result in savings in engineering, module fabrication and on-site construction costs.

In 2006, OPTI and Nexen continued to expand our reserve and resource base.  During the year, we purchased interests in over 70 sections of land. The Leismer lease is now comprised of 146 sections of land, more than twice the amount held at year end 2005. The joint venture partners now own over 370 sections of land at Long Lake, Leismer and Cottonwood.

During the 2006-2007 winter season, a program of 140 core holes and 40 square miles of 3-D seismic was completed on our lands to advance future phases of growth.