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CO2 Solutions Announces Fiscal 2019 Second Quarter Results and Saint-Félicien Project Update
CO2 Solutions Announces Fiscal 2019 Second Quarter Results and Saint-Félicien Project...
About this update from Suncor Energy Inc.
[{"type":"text","content":"\n\n\n\nCO2 Solutions Announces Fiscal 2019 Second Quarter Results and Saint-Félicien Project Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nQUEBEC CITY, Feb. 28, 2019\n\n\n\nTSX-V: CST\n QUEBEC CITY, Feb. 28, 2019 /CNW Telbec/ - CO2 Solutions Inc. (the \"Corporation\" or \"CO2 Solutions\") (TSXV: CST) today announced its financial results for the three-month period ended December 31, 2018. The Corporation's detailed financial statements and management's discussion and analysis (\"MD&A\") will be filed and available on www.sedar.com. \nThree-month Period ended December 31, 2018 and Subsequent Operational Highlights\nUpdate on the Saint-Félicien Project\nThe Corporation announces that the commissioning of the CO2 capture unit at Saint-Félicien will begin shortly. This milestone is occurring later than originally planned given the late delivery of certain components and the difficult weather conditions experienced during equipment installation this fall and winter. Currently, the Corporation estimates that, due to such delays, unforeseen equipment costs, and exchange rate variations, the total cost of the CO2 capture unit and ancillary equipment could attain $11M, approximately $2.5M higher than the October 2017 estimate provided by the Corporation's consulting engineers. Therefore, the Corporation is evaluating financing options given its current cash situation.\nThe CO2 capture unit is currently undergoing pre-operation verifications of each of the unit's systems, after which the unit is expected to begin its operation and the first tonnes of CO2 are expected to be captured. Shortly thereafter, the Corporation expects to ramp up the overall capture rate to reach the unit's nominal capacity of 30 tonnes of CO2 per day. Once the capture unit reaches its nominal capacity, a six-month demonstration period is expected to begin, after which the Corporation would begin generating revenues from the sale of the CO2 to Serres Toundra. This unit will b...