The board of Pengrowth Energy (NYSE: PGH) has given the nod to the initial phase of the firm's Lindbergh thermal bitumen project, the company announced in a press release. Additionally, the board also sanctioned Pengrowth's planned capital expenditures for 2013.
The company anticipates that Lindbergh's first phase will produce around 12,500 barrels per day of bitumen, and be fully operational in 2Q 2015. This is roughly one year ahead of previous estimates.
Pengrowth's capital expenditures are expected to be around $770 million this year. Three hundred million of that will go toward the Lindbergh project, which is expected to consume around $590 million in total.
Additionally, the company announced it will pay a dividend of CA$0.04 ($0.04), payable on February 15 to shareholders of record at the close of January 22.
