Athabasca Oil Corp. has a date set to close the deal on the Dover oilsands project.
The company wants $1.23 billion from PetroChina, but the sale has been caught in delays for months.
“Athabasca is working diligently to advance the closing of the Dover put transaction and we appreciate the ongoing patience of our shareholders,” says President and CEO Sveinung Svarte, in the company’s second quarter report.
“We continue to be committed to strong capital discipline and look forward to releasing an updated corporate strategy and capital plans following the closing of the Dover transaction.”
During a conference call with media, Svarte said he wasn’t going to get more specific about the exact date.
The report showed a greater loss in the second quarter because of $49 million reserved to settle claims made by PetroChina’s subsidiary. That would cover the price of abandoning oil and gas wells at Dover and MacKay River.
Athabasca currently holds a 40 per cent stake in the Dover project.
