QEC - Q3 2021
CALGARY, Alberta, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the third quarter ended September 30, 2021.
Michael Binnion, President and Chief Executive Officer, commented, “The Quebec Premier’s announcement of plans to ban oil and gas extraction was very disappointing. This is particularly true for our shareholders, especially from Norway, that believed in the potential of natural gas in Quebec and financed the discovery over the last decade. He has been clear there will be financial compensation though it can never fully compensate us for the size of our giant discovery.”
He added, “While we strongly believe our project is very beneficial to public utility, reconciliation, the global environment, and the economic well-being of Quebecers, we still respect the prerogative of the Government to decide on their behalf. We will do our upmost to cooperate within our fiduciary duties.”
Highlights
Quebec Premier announces plans to renounce oil and gas extractionSubmitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas projectAverage daily production of 1,363 boe/d and adjusted funds flow from operations of $3.6 million in the quarter
Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With no drilling at Kakwa since early last year, production declined over the prior year. For the third quarter, daily production averaged 1,363 boe/d (2020: 1,875 boe/d) and for the nine months ended September 30, 2021, it averaged 1,507 boe/d (2020: 2,004 boe/d).
Higher commodity prices over the same period last year improved revenue and adjusted funds flow from operations in 2021. For the third quarter, petroleum and natural gas sales increased to $7.4 million from $5.4 million last year and $21.5 million year to date from $15.8 million in the prior year. The higher revenue contributed to adjusted funds flow from operations of $3.6 million (2020: $1.6 million) in the quarter and $10.7 million for the nine months ended September 30 (2020: $4.3 million). (1)
The higher revenue also contributed to net income of $2.0 million for the third quarter (2020: $1.0 million loss) and $5.8 million (2020: $117.5 million loss) for the nine months ended September 30. In the prior year, the year-to-date loss reflects the impairment expense of $113 million incurred in the first quarter largely because of the lower future oil prices. Capital expenditures in the quarter were $0.5 million (2020: $0.4 million) and $1.5 million year to date (2020: $3.7 million). The Company posted a working capital surplus of $1.7 million at September 30, 2021 (2020: $8.1 million deficit).
The term "adjusted funds flow from operations" and “working capital surplus (deficit)” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.
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.
Michael Binnion, President and Chief Executive Officer, commented, “The Quebec Premier’s announcement of plans to ban oil and gas extraction was very disappointing. This is particularly true for our shareholders, especially from Norway, that believed in the potential of natural gas in Quebec and financed the discovery over the last decade. He has been clear there will be financial compensation though it can never fully compensate us for the size of our giant discovery.”
He added, “While we strongly believe our project is very beneficial to public utility, reconciliation, the global environment, and the economic well-being of Quebecers, we still respect the prerogative of the Government to decide on their behalf. We will do our upmost to cooperate within our fiduciary duties.”
Highlights
Quebec Premier announces plans to renounce oil and gas extractionSubmitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas projectAverage daily production of 1,363 boe/d and adjusted funds flow from operations of $3.6 million in the quarter
Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With no drilling at Kakwa since early last year, production declined over the prior year. For the third quarter, daily production averaged 1,363 boe/d (2020: 1,875 boe/d) and for the nine months ended September 30, 2021, it averaged 1,507 boe/d (2020: 2,004 boe/d).
Higher commodity prices over the same period last year improved revenue and adjusted funds flow from operations in 2021. For the third quarter, petroleum and natural gas sales increased to $7.4 million from $5.4 million last year and $21.5 million year to date from $15.8 million in the prior year. The higher revenue contributed to adjusted funds flow from operations of $3.6 million (2020: $1.6 million) in the quarter and $10.7 million for the nine months ended September 30 (2020: $4.3 million). (1)
The higher revenue also contributed to net income of $2.0 million for the third quarter (2020: $1.0 million loss) and $5.8 million (2020: $117.5 million loss) for the nine months ended September 30. In the prior year, the year-to-date loss reflects the impairment expense of $113 million incurred in the first quarter largely because of the lower future oil prices. Capital expenditures in the quarter were $0.5 million (2020: $0.4 million) and $1.5 million year to date (2020: $3.7 million). The Company posted a working capital surplus of $1.7 million at September 30, 2021 (2020: $8.1 million deficit).
The term "adjusted funds flow from operations" and “working capital surplus (deficit)” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.
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.
Redigert 11.11.2021 kl 06:57
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uptrade
11.11.2021 kl 06:49
6418
Det ble litt mye rot, så enklere om dere leser selv på:
https://www.bloomberg.com/press-releases/2021-11-11/questerre-reports-third-quarter-2021-results
https://www.bloomberg.com/press-releases/2021-11-11/questerre-reports-third-quarter-2021-results
morgendagen
11.11.2021 kl 07:26
6181
Herregud for en håpløs gjeng av ledere i dette firmaet, de ser olje prod gå ned å gjør ingen ting med det.
@morgendagen - har du forstand på hvordan det virker??
Man kan ikke altid holde samme tryk i systemet og hvis der lukkes ned pga vedligehold. Så er det klart det går lidt ned - det ser man os her i Norge! Er selv på AkerBP platform.
Man kan ikke altid holde samme tryk i systemet og hvis der lukkes ned pga vedligehold. Så er det klart det går lidt ned - det ser man os her i Norge! Er selv på AkerBP platform.
MC Axel
11.11.2021 kl 07:40
6005
Highlights
"Submitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas project"
They make money, that's the most important thing
"Submitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas project"
They make money, that's the most important thing
Qec skuffer igjen med enda lavere prod. og binna innrømmer at Québec er historie, akkurat som jeg har sagt heletiden. Binna lovet pilot i 2019 og jeg sa det ikke ville bli noe av, nå ser vi at jeg fikk rett. Alt jeg har sagt er nå bekreftet 😁 i dag blir det kursras og nå skal den under 1kr men kanskje ikke i dag. Hadde håpet at det ville løse seg i Québec men jeg kjenner de sære canadierne og han ekle Trudeau. Synd for Qec dette men i dag kom bekreftelsen jeg har ventet lenge på.
Hvorfor er ikke Q3 børsmeldt på OSEBX?
Produksjonen fortsetter nedover og ja, inntektene har økt og det er pga høyere priser men hvor lenge varer det? Etter alle emisjonene så faller produksjonen hvert kvartal, binna får jo ikke til noenting.
tuja
11.11.2021 kl 08:22
5444
Cph2500 skrev Is q3 positive or negative?
"net income of $2.0 million for the third quarter "
Positivt
Positivt
morgendagen
11.11.2021 kl 08:31
5310
Negativt, de klarer jo ikke holde produksjon oppe.
Hva er det mest grunnleggende er jo å ha produksjon, så øke «base» produksjon, så eventuelt modne nye områder.
Hadde det var noen bra ledere så hadde man brukt anledningen til å øke produksjon ikke sitte på gjerdet å håpe ting skjer av seg selv.
Hva er det mest grunnleggende er jo å ha produksjon, så øke «base» produksjon, så eventuelt modne nye områder.
Hadde det var noen bra ledere så hadde man brukt anledningen til å øke produksjon ikke sitte på gjerdet å håpe ting skjer av seg selv.
Asroma87
11.11.2021 kl 08:36
5245
Kakwa, Alberta
The operator of the Kakwa Central acreage resumed drilling during the quarter. The Company participated in the first well (0.25 net) that should be completed and tied-in during the first half of 2022. The Company intends to participate in the drilling of up to two (0.5 net) additional wells on this acreage over the next quarter
The operator of the Kakwa Central acreage resumed drilling during the quarter. The Company participated in the first well (0.25 net) that should be completed and tied-in during the first half of 2022. The Company intends to participate in the drilling of up to two (0.5 net) additional wells on this acreage over the next quarter
MC Axel
11.11.2021 kl 08:37
5232
QEC has said they are working on drilling new wells
in the Q2 - 2021
in the Q2 - 2021
Asroma87
11.11.2021 kl 08:38
5225
During the quarter, Questerre filed an application with the Ministry of Energy and Natural Resources to test a reservoir for carbon storage. The operation will consist primarily of an injectivity test to gather data on both the safe rate of injection and storage potential. The Company identified the storage formation earlier this year after studying its proprietary seismic and well data. It holds the exclusive right to explore for reservoirs over one million acres in Quebec.
With several stakeholders expressing interest in the Clean Tech Energy project, the Company continued to make progress on social acceptability.
2021 Third Quarter Report 9
The Wolinak Abenaki Council in Quebec executed a letter of interest for the Company’s Clean Tech Energy pilot including carbon storage. Earlier this year, a local town adjacent to the Company’s discovery well also expressed interest in a similar pilot project. The Company also received a letter from a local farming group interested in the development of local Clean Gas.
With several stakeholders expressing interest in the Clean Tech Energy project, the Company continued to make progress on social acceptability.
2021 Third Quarter Report 9
The Wolinak Abenaki Council in Quebec executed a letter of interest for the Company’s Clean Tech Energy pilot including carbon storage. Earlier this year, a local town adjacent to the Company’s discovery well also expressed interest in a similar pilot project. The Company also received a letter from a local farming group interested in the development of local Clean Gas.
Jensi
11.11.2021 kl 08:38
5208
ok , så ved vi hvor resten af pengene er gået hen (1/4 drilling af brønn)
Binna har brukt all sin tid i Québec og latt det andre forfalle, nå blir Qec og aksjonærene straffet for dumskapen hans. Jeg har jo sagt flere år at Québec ikke blir noe av og dere skulle hørt på meg. Elly og co har dummet seg ut år etter år, nå et det bare å krype ned i hullet sitt.
Fjellbris
11.11.2021 kl 08:41
5141
Tidenes beste resultat dette for QEC, som nå i motsetning til tidligere år TJENER penger vs å tape!👍 Se bare på akkumulert Q3 resultat i år vs LY! Kompensasjon kommer også, nå gjelder å få opp produksjon og i et gjeldsfritt selskap blir dette da hyggelig for aksjonærene i årene fremover. Stor kompensasjon = meget hyggelig, men størrelsen her gjennstår å se😀
….
Highlights
Quebec Premier announces plans to renounce oil and gas extractionSubmitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas projectAverage daily production of 1,363 boe/d and adjusted funds flow from operations of $3.6 million in the quarter
Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With no drilling at Kakwa since early last year, production declined over the prior year. For the third quarter, daily production averaged 1,363 boe/d (2020: 1,875 boe/d) and for the nine months ended September 30, 2021, it averaged 1,507 boe/d (2020: 2,004 boe/d).
Higher commodity prices over the same period last year improved revenue and adjusted funds flow from operations in 2021. For the third quarter, petroleum and natural gas sales increased to $7.4 million from $5.4 million last year and $21.5 million year to date from $15.8 million in the prior year. The higher revenue contributed to adjusted funds flow from operations of $3.6 million (2020: $1.6 million) in the quarter and $10.7 million for the nine months ended September 30 (2020: $4.3 million). (1)
The higher revenue also contributed to net income of $2.0 million for the third quarter (2020: $1.0 million loss) and $5.8 million (2020: $117.5 million loss) for the nine months ended September 30. In the prior year, the year-to-date loss reflects the impairment expense of $113 million incurred in the first quarter largely because of the lower future oil prices. Capital expenditures in the quarter were $0.5 million (2020: $0.4 million) and $1.5 million year to date (2020: $3.7 million). The Company posted a working capital surplus of $1.7 million at September 30, 2021 (2020: $8.1 million deficit).
….
Highlights
Quebec Premier announces plans to renounce oil and gas extractionSubmitted application for carbon storage test in QuebecWolinak of Abenaki First Nation in Quebec executes letter of interest for Clean Gas projectAverage daily production of 1,363 boe/d and adjusted funds flow from operations of $3.6 million in the quarter
Consistent with prior periods, Kakwa continued to account for 80% of corporate production. With no drilling at Kakwa since early last year, production declined over the prior year. For the third quarter, daily production averaged 1,363 boe/d (2020: 1,875 boe/d) and for the nine months ended September 30, 2021, it averaged 1,507 boe/d (2020: 2,004 boe/d).
Higher commodity prices over the same period last year improved revenue and adjusted funds flow from operations in 2021. For the third quarter, petroleum and natural gas sales increased to $7.4 million from $5.4 million last year and $21.5 million year to date from $15.8 million in the prior year. The higher revenue contributed to adjusted funds flow from operations of $3.6 million (2020: $1.6 million) in the quarter and $10.7 million for the nine months ended September 30 (2020: $4.3 million). (1)
The higher revenue also contributed to net income of $2.0 million for the third quarter (2020: $1.0 million loss) and $5.8 million (2020: $117.5 million loss) for the nine months ended September 30. In the prior year, the year-to-date loss reflects the impairment expense of $113 million incurred in the first quarter largely because of the lower future oil prices. Capital expenditures in the quarter were $0.5 million (2020: $0.4 million) and $1.5 million year to date (2020: $3.7 million). The Company posted a working capital surplus of $1.7 million at September 30, 2021 (2020: $8.1 million deficit).
Redigert 11.11.2021 kl 08:41
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tuja
11.11.2021 kl 08:41
5132
Spot on. Fra kv1-kv2 neste år, er QEC med på 1 25% brønn, og 2 50% brønner. Det vil vise godt igjen på produksjonen. Og nå er selskapet også cash positiv. Og Binnion sier i klartekst at det kommer kompensasjon i Quebec.
:)
:)
Redigert 11.11.2021 kl 08:42
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HO skriver ingenting om Qec og Q3 😂😂
Fjellbris
11.11.2021 kl 08:52
4941
SP - positiv omtale kommer, dekk inn shorten din så raskt du kan, du er heldig om du rekker det før omtalen kommer😉
😂😂😂, det er nok best at det ikke kommer noe.
Åpnet øverst på taperlista med -8%... dette er bare begynnelsen på nedgangen
tuja
11.11.2021 kl 09:20
4538
Helt fantastisk å få flere QEC-aksjer ned mot krona. Med større produksjon fra neste år, samt erstatning fra Quebec, er dette en "no-brainer" på dagens gi bort kurs.
Verdiene er på flere kroner, iberegnet Kakwa. Husk, bare kostverdi i Quebec tilsvarer 3-4kr pr aksje.
Verdiene er på flere kroner, iberegnet Kakwa. Husk, bare kostverdi i Quebec tilsvarer 3-4kr pr aksje.
Jaha, dere er fornøyd? Markedet sier sitt… håpløst !
Jensi
11.11.2021 kl 09:29
4422
vi må indrømme at QEC ikke er Sexy lige pt.
nej nej , sexy er GRØØNNT og Greta T. åbenbart også
nej nej , sexy er GRØØNNT og Greta T. åbenbart også
tuja
11.11.2021 kl 09:33
4376
Dette var kjent på forhånd. Men det som er nytt(eller noe flere hadde forventninger om), er at QEC er cash positiv, har flere brønner på gang fra kv1 2022, og de får erstatning fra Quebec. Så må hver og en tenke på ett tall, og spørre seg selv om QEC er dyr på 1kr. Jeg vet hva jeg tror.
morgendagen
11.11.2021 kl 09:43
4254
Du er på grensa til å være naiv tuja, du er vel typen som enda venter på de polske malerene som reiste for 6 mnd siden.
Nsxnsx
11.11.2021 kl 09:45
4230
ER inne igjen for 1. gang på lenge. Klarte ikke dy meg på 1 krone. Cash positiv og uten gjeld.
Er ikke det oppskriften på suksess ??
Er ikke det oppskriften på suksess ??
tuja
11.11.2021 kl 09:53
4170
Om man er naiv da man ser verdier som langt overstiger dagens kurs, da må du bare kalle meg naiv. Synest mere synd på de som ikke ser skogen for bare trær. Horfor du roter på QEC-trådene dersom alt er bare ræva, må du spørre deg selv om. Kanskje bruke tiden på noe du har tro på?
Veldig bra resultat, cash i kassa og nye brønner på gang, bare å sitte rolig!! Gleder meg til fortsettelsen....er mest bekymra for SP mentale tilstand som mener at det var underskudd igjen :-) lol :-)