1 Oil Sands has not been proactive enough making its case to all oil consumers. Do not take "Environmental License" for granted. Be much more proactive corporately and as an industry. 2 $30 billion plus per year to be invested in Oil Sands for at least the next 3 to 4 years under current assumptions. Clearly there is a question of over capitalization resulting in diminishing returns? 3 Transportation infrastructure and differentials have been and remain key concerns for all Investors in the Canadian energy space and especially the Oil Sands sub sector. 4 Institutional Investors have not been rewarded well overall by investing in Oil Sands over the last 6 years. To win back confidence will take successfully executing on projects eg. on time and on budget, resulting in returns that meet or exceed investor expectations. 5 Clearly the world is awash in cash sitting on the sidelines looking for good investments. Key is investor confidence. Can Oil Sands attract equity and debt Investors? We think the answer is yes, but this will take time and education to restore damaged confidence from both traditional and non traditional Investors. Very wide ranging and insightful Investor Relations activity is absolutely critical. Strong IR can reduce your cost of capital dramatically! 6 Very likely innovative funding structures are coming to the Oil Sands especially from foreign strategic investors. 7 The most valuable commodity in the Oil Sands sector is not the physical resource but rather it is very strong project execution and operational TEAMS! Intellectual assets are critical!!!
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