CALGARY – The recent initial public offering (IPO) of SYNENCO ENERGY raised $316 million. The company netted $295 million with which to begin work on its 60%-owned Northern Lights oil sands project near Fort McMurray. This was the largest IPO on the Toronto Stock Exchange in 2005.
Synenco and 40% partner SINOCANADA PETROLEUM are planning to spend $5.3 billion to develop an oil sands mine, plus bitumen extraction and upgrading facilities. As managing partner, Synenco will begin work on human resources systems, build certain infrastructure, set aside money for long-lead-time equipment purchases, and carry out various other pre-sanctioning work for the Northern Lights project.
See also www.Synenco.com.