13th Dec 2005 09:35
Total S.A.13 December 2005 Canada: Total acquires 100% of Deer Creek Paris, December 13, 2005 - Total announces that it has completed theamalgamation transaction of Deer Creek Energy Limited resulting in 100%ownership of the common shares of Deer Creek. Deer Creek is currently a public company trading on the Toronto Stock Exchange. Deer Creek has advised it intends to de-list its common shares from the TorontoStock Exchange and cease to be a reporting issuer. Deer Creek has an 84% interest in the leases of the Joslyn Project in theAthabasca region of the Canadian province of alberta. The Joslyn Project willbe a multiphase development with estimated cumulative production of around 2billion barrels of bitumen over 30 years. The majority of the resources will berecovered using open pit mining techniques. In-situ steam-assisted gravitydrainage (SAGD) technology will also be used. The completion of the acquisition of Deer Creek is a further step in Total'sexpansion of its heavy oil portfolio in Canada, complementing Total Canada's 50%working interest in the Surmont SAGD project. Total is a major player in extracting and converting heavy oil due to its 47%participation in the Sincor project in Venezuela, one of the world's largestdevelopments of its type, which currently produces more than 200,000 barrels perday. Total is the fourth largest oil and gas company in the world with operations inmore than 130 countries. Total's activities cover the whole energy chain of thepetroleum industry: exploration, oil and gas production, refining and marketing,trading and power generation. The Group is also a major player in chemicals.Total has more than 111,000 employees worldwide. More information can be foundon the company's website: www.total.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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