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The Globe and Mail reported today that Athabasca Oil Corp. (TSX:ATH) saw its shares fall on Monday due to uncertainty regarding the timing of a joint venture deal to help develop its Alberta shale resources.
The Globe and Mail reported today that Athabasca Oil Corp. (TSX:ATH) saw its shares fall on Monday due to uncertainty regarding the timing of a joint venture deal to help develop its Alberta shale resources.
As quoted in the publication:
Athabasca, which recently concluded a long-awaited sale of its stake in the Dover oil sands project, aims to bring in a partner into its Duvernay holdings once drilling firms up its resource estimates. The sale of the Dover interest to PetroChina Co. Ltd. netted Athabasca $1.23-billion, giving the company some financial breathing room.
According to the Globe, GMP Securities analyst Jason Konzuk stated:
While the recently released drilling results in the Duvernay are very encouraging, there was a subtle shift in the company’s messaging regarding its plans to maximize the value of the Duvernay. The company still states that a joint venture partner could be part of the final development plan for the asset; however, uncertainty has increased with respect to the timeline for securing a partner and the scale of a potential JV.