Quebec

Giant Utica shale gas discovered resource with Lorraine shale upside
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The Lowlands are situated in Quebec, south of the St. Lawrence River between Montreal and Quebec City. The exploration potential of the Lowlands is complemented by proximity to one of the largest natural gas markets in North America and a well-established distribution network. ADD Slide11 & 15 from 200902_qec-presentation

 

The Company’s main priorities are to advance its plans to secure social acceptability for its Clean Tech Energy project.


 

 

Discussions with the Government of Quebec regarding the closing of the acquisition were constructive. Based on the government cooperation, the Company granted deferrals of its scheduled judicial review on the validity of the new oil and gas regulations. These include a selective prohibition on hydraulic fracturing and the increase in setbacks for oil and gas activities. The Company remains of the view that the regulations imposed by the previous Government are ultra vires, or beyond its legal authority.

 

Securing the social acceptability for its project and engaging with the government to resolve the regulatory situation remain the Company’s priorities for 2020. Should the Company be unsuccessful in its negotiations with the Government or receive an unfavorable ruling for its judicial review, the value of its Quebec assets could be materially impaired.