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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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