Athabasca Oil Corp. (TSE:ATH), an oil-sands developer focused on Alberta, said it will cut its workforce by 15 percent as part its "continuing focus on capital discipline."
The reductions, predominantly in the Calgary office, largely affect employees associated, directly or indirectly, with projects for which funding will not be allocated in the near term, Calgary-based Athabasca said in a statement after market close yesterday.
"[C]apital discipline is key to our future success and these difficult staffing decisions are in alignment with our near term capital focus," Chief Executive Officer Sveinung Svarte said in the statement.
Athabasca said that additional projects in Thermal Oil will be considered only when additional financing for those projects has been assured; however, the company is progressing technical work on these significant assets to prepare for future opportunities.
Athabasca said yesterday that it anticipates that the aboriginal community Fort McKay First Nation's recent discontinuance of its appeal against the Dover Commercial Project will pave the way for full regulatory approval of the project, a 40-60 joint venture with PetroChina Co. Ltd.
Upon receipt of those approvals, Athabasca said it intends to exercise the Dover put option and anticipates closing of the associated transaction to occur in the second quarter.
Athabasca expects to revise its 2014 capital program upon receipt of the Dover put option proceeds, affirmation of the productivity of Athabasca's new Duvernay wells and clarification on the outcome of its Duvernay joint venture process: the company anticipates issuing an updated budget in July.
The Dover project, which could eventually produce as much as 250,000 barrels per day of bitumen, was approved in April 2013 by the province's energy regulator, but the Alberta Court of Appeal allowed in October the Fort McKay First Nation to challenge the approval.
Athabasca Oil closed down 0.4 percent to C$8.52 in Toronto yesterday, trimming this year's gains to 31 percent.
Reported by Proactive Investors 2 hours ago.
The reductions, predominantly in the Calgary office, largely affect employees associated, directly or indirectly, with projects for which funding will not be allocated in the near term, Calgary-based Athabasca said in a statement after market close yesterday.
"[C]apital discipline is key to our future success and these difficult staffing decisions are in alignment with our near term capital focus," Chief Executive Officer Sveinung Svarte said in the statement.
Athabasca said that additional projects in Thermal Oil will be considered only when additional financing for those projects has been assured; however, the company is progressing technical work on these significant assets to prepare for future opportunities.
Athabasca said yesterday that it anticipates that the aboriginal community Fort McKay First Nation's recent discontinuance of its appeal against the Dover Commercial Project will pave the way for full regulatory approval of the project, a 40-60 joint venture with PetroChina Co. Ltd.
Upon receipt of those approvals, Athabasca said it intends to exercise the Dover put option and anticipates closing of the associated transaction to occur in the second quarter.
Athabasca expects to revise its 2014 capital program upon receipt of the Dover put option proceeds, affirmation of the productivity of Athabasca's new Duvernay wells and clarification on the outcome of its Duvernay joint venture process: the company anticipates issuing an updated budget in July.
The Dover project, which could eventually produce as much as 250,000 barrels per day of bitumen, was approved in April 2013 by the province's energy regulator, but the Alberta Court of Appeal allowed in October the Fort McKay First Nation to challenge the approval.
Athabasca Oil closed down 0.4 percent to C$8.52 in Toronto yesterday, trimming this year's gains to 31 percent.
Reported by Proactive Investors 2 hours ago.