Dover JV (Athabasca 40%; Phoenix 60%)
An oil sands joint venture (“JV”) operated by Brion Energy Corporation. (“Brion Energy”), a company jointly owned by Athabasca (40%) and Phoenix Energy Holdings Limited (“Phoenix”; 60%), successor by amalgamation to Cretaceous Oilsands Holdings Limited, a wholly-owned subsidiary of PetroChina Company International Limited (“PetroChina”).
Brion Energy anticipates receiving regulatory approvals, in 2013/2014, for the Dover Commercial Project. Receipt of provincial regulatory approvals would allow Athabasca to exercise the Put Option, for proceeds of $1.32 billion dollars to the Company.
- 150,000 acres (gross); 60,000 acres (net);
- 250,000 bbl/d SAGD comprised of five phases of 50,000 bbl/d;
- The Dover Put/Call Option is exercisable upon receipt of provincial regulatory approvals (Athabasca is able to sell its 40% interest for $1.32 billion);
- 3.0 billion bbl (gross lease) of contingent resources (best estimate) or 1.2 billion bbl (company working interest) of contingent resources (best estimate) (at December 31, 2012).