Aspen

100% WI Aspen SA-SAGD (Solvent Assisted - Steam Assisted Gravity Drainage) project. AER regulatory approval received Oct 2018. Two phases planned at ~75,000 bbl/d each (before royalties). Phase 1 was board-approved with $2.6B appropriated, construction started Q4 2018. Slowed in March 2019 due to market uncertainty; major investment remains on hold. EBRT (Enhanced Bitumen Recovery Technology) field pilot on the Aspen lease received funding approval in 2023, with pilot start-up anticipated 2027. ~34,000 net acres.