Athabasca Oil Sands says closing deadline set for PetroChina's Dover takeover
Athabasca Oil Corp said Wednesday a target closing deadline has been set on the $1.23B takeover of the Dover project in Alberta by PetroChina Co
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CALGARY — Canada’s Athabasca Oil Corp said on Wednesday a target closing deadline has been set on the $1.23 billion takeover of the Dover oil sands project in northern Alberta by PetroChina Co Ltd’s unit Phoenix Energy Holdings Ltd.
In a second-quarter earnings call Athabasca said to avoid unnecessary focus on specific dates it would not provide further details on the timing, but a deadline had been set.
Athabasca exercised a put option earlier in April to sell its 40% stake in the planned Dover oil sands project to partner Phoenix Energy.
PetroChina was supposed to complete the acquisition in June, but delayed payment to reassess the deal amid a corruption probe.
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