Oilsands Exploration Affected By Financial Crisis

Oilsands Exploration Affected By Financial Crisis

Friday, December 12, 2008 at 14:23

The start-up of a commercial development at the Axe Lake discovery project near La Loche could be delayed.

Christopher Hopkins, the president of Oilsands Quest, says the present economic turmoil in the world has caused a slowdown in the company’s plans for the area.

Hopkins says the company will take some time before starting up its vertical test program at the site.

He says the work will still get done — it will just take longer.

However, Hopkins says no layoffs are planned.