**UPDATE: January 29th, 2013**
The absence of a ‘buffer zone’ is the reason for regulatory hearings on Athabasca Oil Corp. and PetroChina’s Dover oilsands project.
The Fort McKay First Nation says that the project will impact the last remaining traditional land on the west side of the Athabasca River.
FMFN is known for working with industry, and for having strong relations with various companies operating near its land.
The Energy Resources Conservation Board has scheduled the hearing for April 23rd, and it has 90 days after the hearing to make its ruling.
Timing of approval is of the essence to Athabasca because it will spark a put/call trading option in the deal.
The five-phase 250-thousand barrel per day SAGD projectwould be located 95 kilometers northwest of Fort McMurray.
BACKGROUND STORY:
The Athabasca Oil Corp. and PetroChina’s Dover oilsands project is now facing a regulatory hearing.
The Fort MacKay First Nation have urged the hearing into the application for a five-phase 250-thousand barrel per day SAGD project.
The site would be located 95 kilometers northwest of Fort McMurray.
Written submissions are due to the Alberta Energy Resources Conservation Board by March 5th, and more will be revealed on why the band intervened.
The ERCB says the hearing will be on April 23rd, in Fort McMurray.
A decision on the approval will be made in the second half of 2013.
Timing of approval is of the essence to Athabasca because it will spark a put/call trading option in the deal.
The approval will allow it to sell its 40 per cent minority stake for about $1.3 billion.
The option will now be looked at between the second and fourth quarters.
January 24th, 2013
