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Publish Date : 05-Dec-2015

Canadian Oil Sands had said it was baffled with the timing of the Suncor offer, observing it came amid budget and splurging considerations for the Syncrude venture.

Canadian Oil Sands stakeholders will have an additional month to think about a hostile acquiring bid from Suncor Energy Inc but a scheme to extend the due date to February was declined.

Syncrude's operating expense next year are evaluated to be around C$37 a barrel, low adequate for Canadian Oil Sands, the mine's biggest owner, to weather the low crude rates, said Kubik.

At present oil rates, he said, "There aren't going to be many oil companies out there that can say they can cover their costs and dividend."

Chairman Donald Lowry said, "This is a big win for Canadian Oil Sands' shareholders and a major blow to Suncor's credibility."

If the bid excels, Suncor might achieve control of almost 50% of the Syncrude venture, Canada's biggest sole-source generator of synthetic oil.

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