In an April 8 research note, Pareto Securities analyst Tom Erik Kristiansen reported that Questerre Energy Corp. (QEC:TSX) contracted with the Quebec-based investment firm Industrial Alliance to help secure strategic investors to support development of Questerre's natural gas resources also located in that province.
"If successful," he added, "this would be an important milestone to progress the project" and help the company gain social acceptability.
Regarding Questerre's goal of developing such a project in Quebec, the provincial government asked the company to take two actions. One is to postpone the hearing on its case questioning the prohibition on fracking. The second is to instead submit to the Ministry of Environment, for potential approval, a detailed development plan in accordance with Quebec's Clean Gas Initiative.
Questerre indicated it will do as asked and deliver the requested documents later this year. Should its application be denied, the company will then consider again pursuing legal recourse.
Kristiansen concluded, "While several milestones remain before Questerre potentially can commence a commercial development of its large natural gas resources in Quebec and uncertainty still is high, we view today's development as an important step in the right direction and expect a significant positive share price reaction."[NLINSERT]
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