Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/us-oil-sands-completes-review-of-its-pr-spring-pha.shtmlUS Oil Sands completes review of its PR Spring Phase 1 project
US Oil Sands Inc. has completed a detailed review of its PR Spring Phase 1 Project in light of continued low oil prices and the closure of two key contractors' Utah-based operations.
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US Oil Sands Inc. has completed a detailed review of its PR Spring Phase 1 Project in light of continued low oil prices and the closure of two key contractors' Utah-based operations. Construction of the Project is approximately 85% complete with costs coming in below budget.
However since additional capital will be required for commissioning, start-up and continued operations thereafter to validate the proprietary bitumen extraction process technology, the Company has decided to reduce the pace of field construction in order to maintain working capital flexibility.
