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Questerre Says It's Not Affected by Gas Exploration Halt in St. Lawrence
By Sean B. Pasternak - Sep 27, 2010 4:24 PM ET
Questerre Energy Corp. said its natural gas projects in Quebec aren’t affected by a provincial ban on offshore drilling in the Gulf of St. Lawrence.
Questerre is exploring for gas in the St. Lawrence lowlands, which is not part of the exploration halt, said Anela Dido, a spokeswoman for the Calgary-based company.
“It has absolutely nothing to do with us. We participate in onshore, and this is strictly for the Gulf and offshore drilling and exploration in the St. Lawrence River,” she said.
Questerre fell 29 cents, or 11 percent, to C$2.47 in 4 p.m. trading on the Toronto Stock Exchange, the largest drop in more than four months.
The Quebec government said exploration in the estuary and in the northwest region of the Gulf of St. Lawrence has to be done in the name of “sustainable development,” according to a statement from the province’s natural resources ministry today. The ministry said exploration may disrupt the tourism and fishing industries in the area. The government ordered an environmental review to be completed in 2012.
To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.
To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net.
Questerre to drill Quebec shale
Herald News Services August 14, 2010
Subject to the final results from a pilot program and ongoing negotiations with GazMetro, the province's gas distribution utility, the current timeline could see gas on production as early as mid-2011, the Calgary-based junior said in a news release.
"Our goal for this next phase is to have a pad development producing and selling natural gas in Quebec," company president Michael Binnion said in a statement.
The decision to move ahead with the commercial pilot was based on positive results from the St. Edouard No. 1A well, which were released earlier. The company is awaiting the results of a second well drilled in partnership with Talisman Energy.
In other news, the company reported second-quarter financial results that showed flat revenues of $2.8 million compared to $2.9 million in the same period of last year. Despite lower production of 620 barrels of oil equivalent per day compared to 806 boe/d in the second quarter of 2009, the company increased its working capital surplus to $160.93 million from $50.95 million in the same period.
The company's Torontolisted shares closed at $2.98 Friday, unchanged on the day.
Read more: http://www.calgaryherald.com/Questerre+drill+Quebec+shale/3399249/story.html#ixzz0wjgLhUUE
Someone posted this on another site:
"The Norwegian independent firm that is covering Questerre released yesterday a new report with a Target price of NOK 60.
These guys (Pareto) are buying BIG at the moment, lot sizes of 26.000, 30.000, 50.000 and 13.000 just blew past."
Perhaps Dr. Who or another of our Norwegian friends could post this new research report here?
Thanks in advance.
This is one contest that I would gladly lose if it meant that one of those $12+ share price guesses was right. LOL
By the way, I still think that QEC will close the year at $8.00 per share after the series of drilling results comes out over the next 3 - 4 months. I just didn't see a catalyst for share price gains between Feb. and June, but look out now !!!!!!
Good luck to all the longs.
TW.
PS. What do I win??? Or do you all just owe my a beer when we get together after we are bought out at $40 per share. hahaha
With QEC going into the TSX Composite Index as of Monday, the big investment houses have been accumulating shares of QEC over the past 2 -3 weeks. They then made transfers to their Index Funds and ETF's after the close on Friday so that these funds will reflect the make-up of the new Comp Index.
Some wait til the last minute and this is why we saw some wild trading in the last half hour on Friday. Monday's first half hour might see some strange trading too but after that it's back to normal.
The really good news here is that these shares for the most part will not be traded again but just sit in their funds, making the outstanding float smaller.
Also, QEC will now be able to be purchased by a much wider number of funds, including some hedge funds, who can only invest in shares of companies that are in the TSX Comp. Overall, look for our trading volumes to increase - and the SP may fluctuate more on good days and on bad days.
In the end, this is another huge step for QEC, and it shows that the TSX has confidence in us.
Now all we need to see are some good drilling results................................