Corporate M&A

Equinor Disposes of its 18.8% Minority Stake in Athabasca Oil

By Mahati K L
January 21, 2021
a minute read
Person Holding Maple Leaf

Norwegian energy major Equinor ASA has disposed of its entire 18.8% minority interest in TSX-listed Athabasca Oil Corp., comprising of 100,000,000 common shares of the company. The shares were sold at a price of C$0.18 per share, for aggregate gross proceeds of C$18 million (approximately US$14.1 million).

Equinor had been granted the shares in 2017 as part consideration for the sale of its 100% interest in the Kai Kos Dehseh (KKD) oil sands projects in Alberta to Athabasca Oil. The shares had been valued at C$147 million at the time.

As a result of the sale, which was executed through a block trade on the TSX, Equinor no longer holds any interest in the shares of Athabasca Oil.

Calgary-based Athabasca Oil is focused on the development of light oil resources and oil sands in the Athabasca region of Alberta, and currently holds approximately 90,000 gross acres of Montney assets in the Greater Placid area and 215,000 acres of Duvernay lands in the Greater Kaybob area.

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