Athabasca Oil Corp. (ATH) closed a C$1.18 ($1.1 billion) agreement with PetroChina Co. (857) to sell the rest of its Dover oil-sands project, ending weeks of speculation about whether the Chinese company would pay. The shares rose.
PetroChina's payment includes C$600 million in cash and C$584 million in promissory notes due through August 2016, backed by guarantees from HSBC Bank Canada, Athabasca said today. The original agreement was for PetroChina to pay in cash. The settlement comes two months after Calgary-based Athabasca had estimated the deal would close after triggering the sale of its 40 percent stake in Dover earlier this year.
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
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