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CALGARY, Alberta, Sept. 15, 2021 (GLOBE NEWSWIRE) — Questerre Vitality Company (“Questerre” or the “Firm”) (TSX,OSE:QEC) reported at present it has not too long ago accomplished the engineering and work program to check a carbon storage reservoir in Quebec.
The operation consists of an injectivity check to estimate the optimum injection fee for carbon dioxide into the storage reservoir. The check will even estimate the amount that may be safely saved on this reservoir located at a depth of over 1000m under the floor within the Potsdam, a Cambrian age sandstone formation. The Firm is finalizing its utility to the Authorities and plans to execute this program as soon as the applying is authorised and gear is out there.
Michael Binnion, President and Chief Govt Officer of Questerre, commented, “The check will show up the carbon storage potential in Quebec the place we maintain the unique exploration rights for storage reservoirs over a million acres. Carbon storage and recycling are an essential a part of the round financial system and it’s a confirmed expertise at present. If we retailer the emissions from consuming pure gasoline, it is going to be an essential step to internet zero emissions. We predict this can vastly assist the province meet its emissions discount targets underneath its 2030 Plan for a Inexperienced Economic system to realize carbon neutrality by 2050.”
Mr. Binnion added, “A latest report by the Worldwide Vitality Company on attaining internet zero by 2050 famous momentum for carbon seize, utilization and storage and the essential function it will possibly play in lowering emissions. A number of main organizations, together with Forbes and BBC, notice this might be a trillion-dollar market alternative. We imagine Quebec has monumental potential on this space and should take its place on this market.”
The Firm additionally reported on a information article revealed at present on a latest authorized declare by one other firm in Quebec and the potential way forward for oil and gasoline growth within the province. A replica of the article could be discovered on-line at: https://www.lapresse.ca/actualites/environnement/2021-09-15/hydrocarbures/quebec-va-fermer-les-livres.php.
Mr. Binnion commented, “With greater than 50% of the power consumed in Quebec coming from hydrocarbons, we see our give attention to carbon expertise and internet zero as an actual and sensible resolution to lowering emissions in Quebec. Along with the employment and different financial advantages, it can additionally assist scale back a $7 billion commerce deficit as a result of power. As they transfer in the direction of carbon neutrality by 2050, we hope that the Authorities shares this view.”
He additional added, “We recognize the feedback from the Minister of Vitality and Pure Sources that it’s awaiting a ruling by the Superior Courtroom of Quebec on a matter unrelated to Questerre. We perceive all choices are on the desk for the Authorities of Quebec and we hope carbon impartial initiatives like ours might be allowed to proceed. We stay dedicated to being good company residents as we improve social acceptability within the communities the place we plan to function. We’re additionally dedicated to sustaining our licenses in good standing and see a transparent path to realizing their full industrial worth.”
Questerre is an power expertise and innovation firm. It’s leveraging its experience gained by means of early publicity to low permeability reservoirs to amass vital high-quality assets. We imagine we will efficiently transition our power portfolio. With new clear applied sciences and innovation to responsibly produce and use power, we will maintain each human progress and our pure atmosphere.
Questerre is a believer that the long run success of the oil and gasoline trade relies on a stability of economics, atmosphere, and society. We’re dedicated to being clear and are respectful that the general public have to be a part of making the essential decisions for our power future.
Advisory Concerning Ahead-Wanting Statements
This information launch comprises sure statements which represent forward-looking statements or data (“forward-looking statements”) together with its plans to use to the Authorities for an injectivity check and execute this system, its views that the check will show up the carbon storage potential in Quebec, that storing emissions from consumption might be an essential step in the direction of net-zero emissions and serving to the province meet its emissions discount targets, that its initiatives will assist scale back the province’s power commerce deficit and it hope that its venture might be allowed to proceed.
Ahead-looking statements are primarily based on numerous materials elements, expectations or assumptions of Questerre which have been used to develop such statements and data, however which can show to be incorrect. Though Questerre believes that the expectations mirrored in these forward-looking statements are affordable, undue reliance shouldn’t be positioned on them as a result of Questerre may give no assurance that they’ll show to be appropriate. Since forward-looking statements deal with future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Additional, occasions or circumstances could trigger precise outcomes to vary materially from these predicted on account of quite a few recognized and unknown dangers, uncertainties, and different elements, a lot of that are past the management of the Firm, together with, with out limitation: that Questerre will proceed to conduct its operations in a fashion per previous operations; the overall stability of the financial and political atmosphere through which Questerre operates, significantly in Quebec; regulatory framework concerning royalties, taxes and environmental issues within the jurisdictions through which Questerre operates; adjustments in tax or environmental legal guidelines, adjustments in growth plans of Questerre, unfavourable or an absence of entry to capital markets; elevated prices; an absence of sufficient insurance coverage protection; the influence of opponents; and sure different dangers detailed from time-to-time in Questerre’s public disclosure paperwork. Further data concerning a few of these dangers, expectations or assumptions and different elements could also be discovered underneath within the Firm’s Annual Info Kind for the yr ended December 31, 2020, and different paperwork out there on the Firm’s profile at www.sedar.com. The reader is cautioned to not place undue reliance on these forward-looking statements. The forward-looking statements contained on this information launch are made as of the date hereof and Questerre undertakes no obligations to replace publicly or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, until so required by relevant securities legal guidelines.
For additional data, please contact: Questerre Vitality Company Jason D’Silva, Chief Monetary Officer (403) 777-1185 | (403) 777-1578 (FAX) | E mail: data@questerre.com
