Year: 2016-2017
In June 2016, the Coalition Avenir Québec (CAQ) criticized the Liberal government's policies on hydrocarbon exploitation, claiming that they discourage foreign investors, particularly for projects in Eastern Quebec.
Chantal Soucy, Member of Parliament for Saint-Hyacinthe, cited the example of Squatex, which struggles to find financing for its project in Sainte-Jeanne-d'Arc due to government uncertainty. She emphasized the oil potential of the Bas-Saint-Laurent region and called for investment-friendly conditions. The Minister of Energy, Pierre Arcand, defended the government's position, promising a law to regulate hydrocarbon exploitation and mentioning several ongoing projects. He pointed out that Squatex's project is promising but must meet social acceptability criteria and comply with Quebec laws.
For more information:
- Natural Gas Reservoir - Squatex
- Stratigraphic Drilling in Sainte-Jeanne-d'Arc - Squatex
- Oil and Gas in Matapédia - Squatex
In April 2017, the Quebec government reached a $20.5 million compensation agreement with Pétrolia to end hydrocarbon exploration activities on Anticosti Island. This agreement follows compensations totaling $41.4 million granted to three other partners (Corridor Resources, Saint-Aubin E&P, and Junex). By ministerial order, all oil or natural gas exploration or exploitation activities on Anticosti are now prohibited.
Meanwhile, in 2017, Squatex took a significant step forward in its development by obtaining conditional approval to list its common shares on the Canadian Securities Exchange (CSE). This conditional approval meant that Squatex had met the initial criteria required to be listed on the CSE, a notable achievement for any company looking to increase its presence in financial markets.
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The possibility of listing its shares on the CSE represented a significant advancement for Squatex in terms of visibility and liquidity. Listing on the CSE also offered Squatex a platform to raise additional capital necessary to finance its operations and expansion projects.
In summary, the conditional approval for listing on the Canadian Securities Exchange was a major strategic opportunity for Squatex, aimed at strengthening its market position, improving its financing capacity, and increasing its visibility and reputation among investors.
Source: Ressource et énergie Squatex
For more information:www.sedar.com