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Athabasca Oil shares plunge on Dover court appeal

  • Athabasca Oil (ATHOF.PK) was today's top decliner on the Toronto Stock Exchange, plunging 10% after a court ruled an aboriginal group could appeal an Alberta regulator's approval of the company's Dover oil sands project.
  • The company expects Dover to create $5.2B annually in economic activity, and it had planned to proceed with the sale of its stake in the project to PetroChina (PTR) following the regulator’s approval in August.
  • The decision significantly increases the risk regulatory delay and is a major negative for Athabasca, an RBC analyst says.
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