The total purchase price is C$105 million, of which C$30 million is payable at closing. The company maintained that the transaction will see the first commercial application of Ivanhoe Energy’s proprietary HTL heavy-oil upgrading technology in an integrated heavy-oil project.
Robert Friedland, deputy chairman of Ivanhoe Energy, said: We now have achieved our initial objective. We are anchoring the roll-out of our HTL heavy-oil upgrading process with a first-class, high-quality resource asset in the centre of the Athabasca oil sands region.
We will now proceed full speed ahead with preparations for an integrated HTL heavy oil project on Lease 10, while at the same time progressing discussions relating to additional heavy oil opportunities in Canada and internationally.
