ATHABASCA OIL COMPLETES ACQUISITION OF STATOIL OIL SANDS BUSINESS

February 02, 2017

Statoil and Athabasca Oil Corporation have completed their previously announced transaction, whereby Statoil has sold its entire oil sands operations in the Canadian province of Alberta to Athabasca. The divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production.
Statoil has received CAD 431 million in cash (following customary closing adjustments) plus 100 million common shares in Athabasca, representing just below 20% of the equity in the company. Statoil said: “This transaction corresponds with Statoil’s strategy of portfolio optimisation to enhance financial flexibility and focus capital on core activities globally, including offshore Newfoundland, Canada.” (Source: Leismer facility – Image: Lawrence Sauter/Statoil)