QEC - Q3 publisert

Earth
QEC 10.11.2018 kl 00:45 13717

Highlights
Government of Quebec enacts Petroleum Resources Act and regulations
Kakwa joint venture facilities expansion completed with gross capacity almost
doubling to 43 MMcf/d
Kakwa North well tests at 2,900 boe/d and operator plans tie-in
Average daily production of 1,414 boe/d for the quarter, impacted by the plant
expansion, with adjusted funds flow from operations of $2.62 million

We still plan to move forward in Quebec despite the previous Governments
decision to include the ban on hydraulic fracturing in the final regulations.
Our optimism is based on the strength of our legal position and, more
importantly, growing social acceptability.

At a court hearing early in the fourth quarter, the Superior Court Justice
responsible for the case agreed that Questerres motion for judicial review
raises serious questions of public interest. Given the high importance of
the issues, we were allowed a fast-tracked judicial review that will decide on
permanently setting the fracking ban regulations aside. The hearing is scheduled
for next February and we expect a decision early in the spring. We are open to
settling this legal proceeding with the new Government on a pragmatic basis that
balances the legal issues and environmental protection.

Aside from the unexpected and purported last-minute changes to the regulations,
we were pleased with the subsequent enactment of the Petroleum Resources Act
that will oversee oil and gas development in Quebec. This legislation was
approved by the National Assembly in December 2016 and permits hydraulic
fracturing. While the other regulations could be more streamlined, they allow us
to resume development once we have secured social acceptability.

We continue to work on social acceptability, step by step. These included over
six years of public consultations and environmental assessments on developing
oil and gas, as well as the safety of modern completion techniques. This was
successful, and we believe it informed the 2030 Quebec Energy Policy that
supports the development of local natural gas to reduce emissions and energy
imports. Our next steps are to secure local acceptability with our clean gas
pilot and revenue sharing proposals for municipalities. The initial feedback has
been positive.

On the basis that we have growing local acceptability and a hearing on the
regulations, we plan to close our previously announced acquisition in Quebec
early next year. This will give us the operatorship we need to advance our
proposed pilot program and revenue sharing. With a three fold increase in our
acreage, we will be engaging our reserve engineers to update the Quebec resource
assessment post-closing.

In Jordan, we have started the next phase of engineering for our oil shale
project.

In addition to the long-life reserves with no real decline rate relative to
shale oil and conventional production in North America, this project also
benefits from upgrading and premium pricing to Brent. Following the results from
the feasibility study by Hatch, that estimated combined capital and operating
costs of between US$38-40/bbl, we are looking at optimizing capital costs to
improve returns for this multibillion-barrel deposit. We hope to begin
negotiations with the Kingdom of Jordan for a concession agreement by year-end.

By this time, we should see the results from the second farm-in well on our
Kakwa North acreage. We were very pleased with the results from the first well
that tested at 2,900 boe/d including almost 1,000 bbl/d of condensate. Another
well could spud early next winter. We have a royalty interest in these initial
wells and a 50% working interest in all future wells. Based on the operator's
plans to tie-in these wells, by this time next year, we may see a similar ramp
up in drilling to our adjacent Kakwa acreage.

At Kakwa, up to seven (1.5 net) wells are planned over the next year. On this
basis, we anticipate production growth of 500 boe/d largely funded by cashflow.

Production averaged 1,414 boe/d for the third quarter and 1,812 boe/d year to
date compared to 1,643 boe/d and 1,270 boe/d for the same periods last year.
With production shut-in longer than expected for this infrastructure and other
field work, our volumes declined over the prior quarter. Current corporate
production is estimated at 1,800 boe/d.

Improved oil prices and higher volumes year to date contributed to adjusted
funds flow from operations of $13.28 million for the nine months ended September
30, up from $4.23 million last year. Light oil and liquids represent almost 70%
of our production and we realized an average price of $74/bbl year to date. As a
result of the growing discounts for Canadian oil due to a lack of market access,
this pricing could decrease materially over 2019.

We were encouraged by the election of a right-of-centre majority government in
Quebec. Our natural gas discovery could contribute strongly to their goal of
reducing energy imports and improving the provinces economic independence. We
look forward to working with this new government.


Michael Binnion
President and Chief Execu
Ekstern link: https://newsweb.oslobors.no/message/463302
Redigert 10.11.2018 kl 00:51 Du må logge inn for å svare
tuja
13.11.2018 kl 15:32 3746

Nei, det blir totalt skivebom når QEC er frontet mot nat-gas, Men at investorer selger uten å vite
hva de har kjøpt er en annen sak.
Plomma
13.11.2018 kl 15:48 3711

Ja ting går vel aldri som man tror. Men jeg har tjent gode ekstrakroner på aksjer.
Noen ganger har jeg følt meg som Forest Gump.
Og jeg håper at flaksen fortsetter. Ting dumper inn fra sidelinjen.
Kjøpte meg inn igjen på 2,90 i dag... så i morgen kommer vel meldingen, oppdateringen eller noe annet jeg ikke kunne forutse ;o)))))
hango
14.11.2018 kl 09:46 3425

Herlig aksje denne..
Får vi flere aksjer på 2,5 til fredag tru?
ULKEN
14.11.2018 kl 09:52 3407

Galemattias å selge denne til halv pris, QEC får godt betalt for gassen som har skyhøy pris.
tuja
14.11.2018 kl 09:54 3405

Enig, Ulken.
Gassprisene har aldri vært høyere siden 2014.


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https://www.investing.com/commodities/natural-gas-streaming-chart
hango
14.11.2018 kl 10:09 3348

Ikke løp etter selgerne, la selgerne komme til deg! ;)
tuja
14.11.2018 kl 10:41 3299

Da stiger oljac rett opp igjen. Og nat-gas er på sitt høyeste nivå på 4 år.

Reuters: Opec diskuterer forslag om oljetilbudskutt

Opec og partnere diskuterer et forslag om et oljetilbudskutt på opptil 1,4 millioner fat pr dag i 2019, ifølge tre kilder kjent med saken, melder Reuters onsdag.
vulkan
14.11.2018 kl 13:28 3186

Gass prisen på andre siden av Atlanteren....
+5% i går
+12% i dag
gasslagrene på laveste nivå på mangfoldig år
og kaldt vær meldt så langt langtidsvarselet går
blir penger av det for QEC:-)
https://www.investing.com/commodities/natural-gas-streaming-chart
Domus
14.11.2018 kl 13:52 3147

Qec har vel en splitt på 70-30 ref olje - gass.

For 2019 guider Qec en sluttproduksjon på 2500 boed.
Dette kan øke hvis de borer flere brønner - spesielt på Kakwa nord der Qec vil ha 50%. En brønn gir potensielt 1000-1500 boed i begynnelsen net til Qec

Kicking vil sannsynligvis bore en brønn til for å fullføre deres JV på Kakwa nord. Da vil det være 50/50 Qec-Kicking.

Kicking vil kanskje få bygget pipeline innen årets slutt for å koble inn brønnene.
vulkan
14.11.2018 kl 14:18 3105

Såpass mye olje, da får vi håpe på opphenting i olja. De nye brønnene på Montney er vel mest gass.
Uansett 50% ekstra betalt for 30% av produksjonen av gass.
hango
14.11.2018 kl 14:53 3045

Her er det mer nedside, tolmodighet folkens.
6710
14.11.2018 kl 15:19 2999

Domus - Når vi tager seneste brønd, er det vel mere gas end Kondensat "2,900 boe/d including almost 1,000 bbl/d of condensate"
Får QEC en bedre lokale pris, når det er Kondensat og letolie, der bruges i industrien fx smørolie i rørsystemer?
Og QEC producer vel Gas, Kondensat og Letolie, der er en bedre olie end fx Nordsø olie eller?

6710
Domus
14.11.2018 kl 15:23 2995

Qec produserer i hovedsak fra Montney dvs Kakwa og Antler. I Kakwa er det ca. 50-50 med kondensat og gass mens det i Antler er 100% olje. Totalen blir ca. 70-30 olje-gass ref kvartalsrapporten.

Flere brønner i Kakwa nord vil flytte totalen litt mer i retning av gass enn i dag.
Flipper
14.11.2018 kl 15:24 2998

MAZROUEI: WHATEVER THE REQUIRED CUT IN DECEMBER, WE WILL CUT / OPEC+ WILL DO WHATEVER IT TAKE FOR MARKET BALANCE

HFI Research Retweeted
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OPEC Partners Discuss Oil Supply Cut Of Up 1.4Miliion BPD – Three Sources Familiar With Matter #OOTT $CL_F
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OPEC CHIEF: OPEC+ WILL DO WHATEVER IT TAKE FOR MARKET BALANCE
6710
14.11.2018 kl 15:29 2980

Domus - Er det letolie og ikke råolie, man udvinder fra Antler ?
Redigert 14.11.2018 kl 19:04 Du må logge inn for å svare
Domus
14.11.2018 kl 15:32 2981

Oljen i Antler er relativt lett - ja.
tuja
14.11.2018 kl 16:02 2929

Olja rett opp, nat-gas rett opp.


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QEC burde stige godt på slike priser.
14.11.2018 kl 16:07 2922

Ifølge domus er det 70-30 på hhv olje/gass.

Betyr ikke det at du er en av investorene som ikke vet hva du har kjøpt?
tuja
14.11.2018 kl 16:09 2922

Bonzo

Kan du ikke bedre?
14.11.2018 kl 16:13 2913

Høres ut som du ikke helt vet hva du snakker om..
tuja
14.11.2018 kl 16:18 3162

På seg selv kjenner man andre, sies det.
Glemte du å kjøpe på 2,75 siden du er i ett dårlig humør?
piff
14.11.2018 kl 16:20 3150

Undres hvorfor ikke qec øker takten for flere brønner på kakwa, Helst som du referer til Domus 50/50 brønner.
Kan jo selvsagt ha sammen heng med infrastrukturen som ikke er den beste pr i dag ?
Hadde gjerne sett Qec med 4-5000 boe innen årslutt 2019.
Må ærlig innrømme at jeg synes det går vell tregt med å få, opp produksjons volumet .
14.11.2018 kl 16:21 3145

Hvorfor tror du jeg er i dårlig humør?

Bare litt skuffet over deg, trodde du hadde litt mere innsikt i aksjen.
tuja
14.11.2018 kl 16:31 3136

He he. Ja, du har da den fulle rett til å tro hva du vil.
Om jeg bryr meg? Selvfølgelig. Kanskje jeg burde starte på skolebenken igjen.
Mange år siden jeg ble uteksaminert, men men, mulig jeg må vurdere det.
Takk for påminnelsen om hvor lite innsikt jeg har.

Ha en god dag videre. :)
Domus
14.11.2018 kl 17:07 3066

Jepp, alt fra etan til nærmest asfalt ?
Flipper
14.11.2018 kl 18:40 2928

Picked up @ US diskusjonforum, og enig
Helima Croft

Croft argues that Trump waivers and tweets neutralized Saudi statements about rebalancing. She also says that Russia, at least publicly, does not see its output as a problem. Ostensible Saudi-Russia disunity combined with uncertain 2019 demand oulook provided the space for algo-trading to take down the price of oil out of proportion to actual supply-demand.

I suspect a sharp reversal of sentiment in the paper markets (if not some sort of blow-up) also helped propel oil prices downward. We can await the upcoming COT report to get a better picture.

I also suspect that the KSA “funded” most of its additional oil (pre-election) exports to the US from inventory as there was no other way to respond so quickly to Tump’s mid-year tweet demand/request to bring down oil prices. Transferring Saudi inventory to the US, where it really counts, certainly accomplished the Trump-Saudi goal of bringing down prices.

Today’s oil prices certainly suggest a global oversupply, which reflects increased US inventories, but it is not at all clear that there is a major supply overhang, as Iranian exports decline (if less than previously anticipated), as the Saudis reduce exports to refill inventories, and as China continues to goose its economy with additional lines of credit. Together these factors could easily cause a so-called million barrel per-day surplus to dissipate very quickly.
Yzf R1
14.11.2018 kl 18:45 2909

Please take a moment to read the following article by Michael Binnion, CEO of Questerre Energy Corporation, on why it is time to get serious on energy in Quebec.  Mr. Binnion proposes that the time is very propitious. The previous government’s failure to move on the Energy East pipeline has still left Quebec dependent on foreign oil. Canada spends $39 million a day — a day — on foreign oil purchases and Quebec makes up a great deal of that. Indeed, Quebecers not only pay higher gas prices because of this, but they are also purchasing from some less than stellar governments like Venezuela. 
 
Mr. Binnion charges Premier François Legault to commence his mandate on energy, taking initiative on pipelines and natural gas.  Deregulation and increased investment in energy would help to build a home-grown industry led by exactly the type of independent entrepreneurs M. Legault and business leaders want.  It is time for Quebec to get serious on its energy potential.
 
Får ikke åpne linken noen som kan prøve

 http://www.thesuburban.com/opinion/editorials/time-to-get-serious-on-energy-in-quebec/article_5e0ab452-297a-5077-9906-3d597ba27052.html

tuja
14.11.2018 kl 18:51 2900

Prøvde, men fikk feilmelding.
tuja
14.11.2018 kl 19:02 2868

Fy f... sjå på nat-gas:


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Flipper
14.11.2018 kl 19:32 2788

Interessant innlegg i Uniten

Re: Dec 2018 CL Futures contract-Market is catching up to the early winter.

A talking head on CNBC said the other day, the russians were making up for the supposed falloff in iranian oil shipments, but then maybe they didn't lose any and the excess has just driven down prices, in general. And, SA and maybe some of the other GCC guys may have dumped more oil at the request of Trump to keep gasoline prices lower through the election.

What's interesting is that despite the oil collapse, NG has soared. There seems to be a disconnect between what should have been a fall off in drilling to be expected due to lower oil prices. But, the amount of time needed to adjust things was too short to compensate for the markets finally realizing that not only is the storage lower by around 500 BCF+, but this winter has come on more quickly and with lower temps. than was expected. The lack of sunspots has finally produced the cooling that was predicted in several quarters such as with Bastardi and the russians.