Oct 19 (Reuters) - Canadian Oil Sands Ltd COS.TO :
* Sands' board unanimously recommends shareholders reject undervalued,
opportunistic and exploitive Suncor offer
* Says "Suncor bid substantially undervalues co and is not in the best
interests of cos and its shareholders"
* Now estimate a production range for syncrude of 92 to 97 million barrels with
a mid-point of 95 million barrels in 2015
* Estimate for cost savings at syncrude in 2015 has increased to $1.3 billion
from $900 million
* Board is looking at a full range of strategic alternatives"
* Says "board and management of cos will not tender to the Suncor bid"
* Syncrude is now entering period of lower capital spending, expected to
average about $300 million, net to cos, annually to 2019"
* Syncrude exceeded estimated $900 million in savings during first 9 months of
2015, identified further opportunities to reduce costs
* Decline in capital costs reflects completion of centrifuge tailings project,
bringing to close syncrude's $8 billion capital program
* Source text for Eikon ID:nMKWhz5MHa
* Further company coverage COS.TO