Cenovus extends search for Telephone Lake partner

Wed Apr 25, 2012 11:41am EDT
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CALGARY, Alberta (Reuters) - Cenovus Energy Inc (CVE.TO: Quote) said on Wednesday it is still searching for a joint-venture partner for its planned Telephone Lake oil sands project in northern Alberta.

Brian Ferguson, the company's chief executive, said on a conference call that current market conditions, in which oil sands crudes are selling at a significant discount to North American benchmark prices, has made the search for a partner more difficult.

He added that the company is not in a rush to complete a transaction.

(Reporting by Scott Haggett; Editing by Peter Galloway)