Aug. 28, 2014, 11:15 AM
- Athabasca Oil (OTCPK:ATHOF +3.2%) jumps after PetroChina (PTR -1.9%) President Wang Dongjin says the long-delayed $1.23B payment for its stake in the Dover oil sands project will be made soon.
- PTR was supposed to have completed the acquisition in June, but delayed payment amid the Chinese government's corruption investigation into the company; PTR also was said to want to reduce the amount owed because it believed the assets are of poorer quality than expected.
Jul. 28, 2014, 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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