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The Lowlands are situated in Quebec, south of the St. Lawrence River between Montreal and Quebec City. Building a circular economy on a significant discovery on Quebec Utica could result in the second lowest supply gas cost in North America.
The Company continues to seek opportunities to work with the Government of Quebec to advance its Clean Tech Energy Project. It is also protecting its legal rights following the enactment of Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities (“Bill 21”).
In early 2024, the Company submitted a formal application under Bill 21 for a pilot project on its lands to the Quebec Ministry of Economy, Innovation and Energy (“MEIE”). The project includes a comprehensive program to assess the carbon storage potential including injection and monitoring wells, compression facilities and a pipeline to an adjacent industrial park. This proposed infrastructure will facilitate the transition to a commercial project. The project also includes the test of new technology for zero-emissions hydrogen and power production that will provide a source of carbon dioxide for the project.
During the quarter, the Quebec Superior Court (Civil Division) ruled on the application by the Company and other license holders to stay certain provisions of Bill 21 for the duration of the judicial proceedings. This follows the hearing held in October 2023.
