Syncrude cost rise.

Australasian Business Intelligence, May, 2002

May 14, 2002 (Mining Journal

ABIX via COMTEX) -- The capital cost for the expansion of the Syncrude project in Alberta, Canada, has increased sharply. The original $C4bn capital cost to expand daily output by 100,000 barrels to 360,000 barrels has blown out, in late April 2002, to an estimated $C4.7bn to $C5.1bn, for an incremental 110,000 barrels per day output. Partners in the project are ExxonMobil, Nexen, Petro-Canada, Alberta Oil Sands Trust, Canada Oil Sands Trust, EnCana Corporation, Conoco and Murphy Oil Company.

Publication Date: 3 May 2002

EXXONMOBIL CORPORATION: NEXEN INCORPORATED: CONOCO INCORPORATED: MURPHY OIL COMPANY LIMITED: ALBERTA OIL SANDS TRUST: CANADA OIL SANDS TRUST: ENCANA CORPORATION: PETRO-CANADA

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