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Stock Market & Financial Investment News

News Breaks
November 5, 2012
14:58 EDTPGHPengrowth Energy commits $55M to Lindbergh thermal bitumen project
Pengrowth Energy is pleased to announce that its Board of Directors has approved a commitment of $55M for critical path related, long lead time equipment for the Lindbergh thermal bitumen project. Approximately $20M of this amount will be committed by year end 2012, with the balance to be spent in 2013.
News For PGH From The Last 14 Days
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June 30, 2015
05:23 EDTPGHPengrowth Energy announces commissioning of Lindbergh, sale of non-core assets
Pengrowth reports that construction and commissioning of its insulated sales line connecting the Lindbergh commercial facilities with the Husky pipeline, has been completed on time. Production from the commercial facilities has now been tied-in to the sales line, providing Pengrowth with additional transportation/marketing optionality. Pengrowth still retains the option to move production by rail to markets in an effort to maximize revenues and netbacks. Growth in production from the Lindbergh thermal project continues to meet expectations and closely follows the performance that was established by the pilot wells over the initial months of production. Current production from the project is approximately 14,400 barrels per day with an instantaneous steam oil ratio of 1.99x. Production ramp-up at Lindbergh remains on track to achieve production rates of 16,000 bbl/d by the end of the year. As part of its emphasis on strengthening its balance sheet, the company intends to sell up to $600M of non-core assets by the end of the year. The proceeds from the expected dispositions will be used to reduce corporate indebtedness under the company's credit facilities.

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