Questerre Energy Secures Legal Victory in Quebec
Shares of Questerre Energy soared on Friday following the announcement that a court has granted a stay on certain provisions of a Quebec law that banned oil and gas development. The legal proceedings will continue, allowing Questerre to maintain its legal rights while working towards a resolution.
Positive Market Response
In morning trading, Questerre Energy's shares jumped a staggering 58% to reach C$0.26 (19 U.S. cents). This surge contributes to the stock's overall growth of 44% since the beginning of the new year and a remarkable 24% increase over the past 12 months.
Preserving Legal Rights
The president and CEO of Questerre Energy, Michael Binnion, expressed his satisfaction with the ruling by the Quebec Superior Court. The court's decision to grant a stay on certain provisions of Quebec's Bill 21, enacted in 2022, ensures that the company can protect its legal rights as it actively seeks a political and business solution in the province.
Court's Criteria for a Stay Met
According to Questerre Energy, the court ruling on Thursday determined that the company's application to suspend parts of the act that prohibit petroleum exploration and production met the necessary criteria for a stay. Importantly, the judge ruled that the stay would remain in effect even if Quebec's attorney general decides to file an appeal.
A United Front Against Quebec
In 2022, Questerre Energy and other companies took legal action against the province of Quebec. Questerre's determination to fight for its interests has now yielded a significant legal victory, safeguarding the company's ability to pursue its energy-related initiatives.
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