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Mon, Jul. 28, 10:48 AM
- Athabasca Oil (OTCPK:ATHOF -6.8%) is downgraded to Market Perform from Outperform with a $7.50 price target, down from $10, at Raymond James on growing concerns about its relationship with PetroChina (PTR -1.3%).
- The firm sees a risk regarding the anticipated C$1.23B payment from PTR, and it does not expect any improved clarity on the issue for some time.
- The risks around the Dover project put also raise concerns about the pace of development for Athasbasca’s Duvernay assets and the company’s ability to eventually secure a joint venture partner, the firm says.
Jan. 3, 2012, 1:00 PMAthabasca Oil Sands (ATHOF.PK) exercises its option to sell its 40% stake in the MacKay River oil-sands project in Alberta to joint owner PetroChina (PTR +4.9%) for C$680M ($669M). The transaction comes less than a week after regulators approved the planned 150,000-barrel-a-day project. (PR .pdf) | 1 Comment
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