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The co-owners of the Terra Nova project offshore Newfoundland have reached an agreement in principle to restructure the project ownership and provide short-term funding toward continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the fall. A subset of owners will increase their ownership of the project for consideration payable from the other owners. Full details of the ownership swap were not disclosed, however, as a result, operator Suncor's ownership will increase to 48% from around 38%. The agreement is subject to finalized terms and approval from all parties, including board of director approval where appropriate, and is contingent upon the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador. "Over the past year, Suncor has worked diligently with all stakeholders to determine a path forward for Terra Nova," said Mark Little, Suncor president and chief executive officer.