Canadian developer Athabasca Oil has received $152.6million from Brion Energy (formerly Phoenix Energy) for the sale of its 40% interest in the Dover oil sands project.
The Dover West area is approximately 240,000 acres of stacked sand and carbonate reservoirs and located 90km northwest of Fort McMurray.
The money is the principal and interest payable under the second of three promissory notes issued to Athabasca by Brion.
The final payment of $134 million is unconditional and secured by an irrevocable, standby letter of credit issued by HSBC Bank Canada and matures on August 29, 2016.
Athabasca has cash and cash equivalents of approximately $704million and funding in place of approximately $1.023billion, including cash and cash equivalents, undrawn credit
facilities and the last promissory note.