2016-2017
In June 2016, the Coalition Avenir Québec (CAQ) criticized the Liberal government's policies regarding 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 the company Squatex, which is struggling to find financing for its project in Sainte-Jeanne-d'Arc due to government uncertainty. She emphasized the oil potential of the Lower St. Lawrence region and called for conditions favorable to investment. The Minister of Energy, Pierre Arcand, defended the government's position, promising legislation to regulate hydrocarbon exploitation and mentioning several ongoing projects. He stressed that Squatex's project is promising but must meet social acceptability criteria and comply with Quebec laws.
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In April 2017, the Quebec government reached a compensation agreement of 20.5 million dollars with Pétrolia to end hydrocarbon exploration work on Anticosti Island. This agreement followed compensations totaling 41.4 million dollars awarded to three other partners (Corridor Resources, Saint-Aubin E&P, and Junex). By ministerial order, all oil or natural gas research or exploitation activities on Anticosti are now prohibited.
Meanwhile, in 2017, Squatex reached an important milestone 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 necessary to be listed on the CSE, which is a notable achievement for any company seeking 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 represented 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