abce certificate
americas
Thursday, 21 August, 2008, 19:20 GMT | more prices >>

UTS and Teck net Athabasca acreage



By Upstream staff 

UTS Energy and Teck Cominco have acquired a total of 18 new leases in the Athabasca oil sands region of Alberta in Canada on an equal basis, the companies said.

UTS and Teck, which each hold a minority stake in Petro-Canada's Fort Hills oil sands project, have acquired 257,920 acres jointly since December 2005, at a total cost of C$163.5 million ($140 million).

Alberta-based UTS paid C$79.3 million and British Columbia-based Teck paid C$84.2 million.

This brings the total UTS lease holdings gross acreage outside the Fort Hills partnership to 276,587 acres.

An extensive drilling programme on two of the lease areas has started and four rigs are currently working.

UTS said it expects to release results from the drilling programme in the third quarter of this year, Reuters reported.


Monday, 15 January, 2007, 16:06 GMT  | last updated: Tuesday, 16 January, 2007, 08:20 GMT

e-mail this article to a colleague


to email:  from:
comments: