Questerre comments on LNG export potential from Eastern Canada
August 23 2022 - 11:15PM
Questerre Energy Corporation (“Questerre” or the “Company”)
(TSX,OSE:QEC) reported today on recent comments by the Prime
Minister of Canada on the potential for LNG exports from Eastern
Canada to Europe. The comments were made during the visit to Canada
by the Chancellor of Germany from August 21 to August 23, 2022.
Michael Binnion, President, and Chief Executive
Officer, commented, “We were pleased to hear the Prime Minister
express his unwavering commitment to improving Europe’s energy
security. The current energy crisis in Germany and Europe is
expected to worsen this winter and it was encouraging to hear how
Canada wants to help. Just as Norway is increasing its natural gas
production to support Europe, Canada can too. We are a trusted
partner and among the best in the world at producing reliable
energy to the highest standards in a lower emissions world.”
He added, “The Prime Minister also noted the
business case for LNG exports from Canada’s East Coast may be
hindered by distance from gas fields in Western Canada. Questerre’s
project in Quebec addresses this concern. Our proven discovery is
less than ten kilometres from an LNG export project with permits at
Becancour and tidewater access to Europe. As the producer of the
natural gas, we can deliver to the export facility directly,
eliminating the risks of securing sufficient and reliable supply to
meet long-term supply contracts. The business case is established
for our Company which previously made a final investment decision
supported by independent reports to proceed with the production of
natural gas.”
Geographically, Quebec is ideally located to
supply LNG to Germany. The port of Quebec is half the distance to
the port of Hamburg in Germany compared to the LNG export terminal
in Qatar and over 500 miles closer than the Cove Point LNG facility
in Maryland on the US East Coast.
He further added, “Over the longer term we share
the Canadian Government’s view that hydrogen can be a big
opportunity. With near zero-emissions Clean Gas, we can also
contribute to the shared goals of Canada and Germany in the fight
against climate change. By eliminating the emissions from
production and utilizing new carbon technology, we can use this
Clean Gas to produce zero-emissions hydrogen as well as ammonia for
export. This is consistent with new Hydrogen Pact signed by G7
countries earlier this year including Canada and Germany.”
Questerre is seeking to have Bill 21, An Act
mainly to end petroleum exploration and production and the public
financing of those activities, that unilaterally terminates its
license agreements in Quebec judged illegal and unconstitutional.
The Company is objecting to the revocation of its license
agreements and is seeking just compensation for the value of its
license agreements including its significant discovery.
Questerre is an energy technology and innovation
company. It is leveraging its expertise gained through early
exposure to low permeability reservoirs to acquire significant
high-quality resources. We believe we can successfully transition
our energy portfolio. With new clean technologies and innovation to
responsibly produce and use energy, we can sustain both human
progress and our natural environment.
Questerre is a believer that the future success
of the oil and gas industry depends on a balance of economics,
environment, and society. We are committed to being transparent and
are respectful that the public must be part of making the important
choices for our energy future.
Advisory Regarding Forward-Looking
Statements
This news release contains certain statements
which constitute forward-looking statements or information
(“forward-looking statements”) including the Company’s views on its
project to provide LNG to Europe, its plans to have Bill 21 judged
illegal and unconstitutional, its plans to object to the revocation
of its license agreements and seek just compensation for the value
of these agreements.
Forward-looking statements are based on several
material factors, expectations, or assumptions of Questerre which
have been used to develop such statements and information, but
which may prove to be incorrect. Although Questerre believes that
the expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because
Questerre can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Further, events or circumstances may cause actual
results to differ materially from those predicted as a result of
numerous known and unknown risks, uncertainties, and other factors,
many of which are beyond the control of the Company, including,
without limitation: the implementation of Bill 21 by the Government
of Quebec and certain other risks detailed from time-to-time in
Questerre's public disclosure documents. Additional information
regarding some of these risks, expectations or assumptions and
other factors may be found under in the Company's Annual
Information Form for the year ended December 31, 2021, and other
documents available on the Company’s profile at www.sedar.com. The
reader is cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements
contained in this news release are made as of the date hereof and
Questerre undertakes no obligations to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
For further information, please contact:
Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
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