Shoal Point Energy Ltd C.SHP

Alternate Symbol(s): SHPNF

Energy Oil & Gas E&P

Shoal Point Energy Ltd. is a Canada-based petroleum exploration and development company. The Company is engaged in the acquisition, exploration and development of oil and natural gas properties. It has partnered with Shelby Resources to explore for oil and gas in Kansas. Its ‘Humber Arm’ oil-in-shale play consists of two Exploration Licenses near offshore of western Newfoundland: EL 1070 and EL 1120. The Company holds an approximately 100% working interest in the Offshore Exploration License (EL) 1070 Shallow Rights and has the right to earn approximately 80% working interest in the Shallow Rights in the approximately 67,298-acres block in the Offshore Exploration License (EL) 1120. The Company also has an exploration license and farm-in rights to a second contiguous exploration license off the west coast of Newfoundland, which covers approximately 220,000 acres, contained in EL 1070 and EL 1120.

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Shoal Point Energy Ltd

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Post by tickerhiton Oct 02, 2023 8:15pm

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|news-releases|2023|

Shoal Point engages with Newfoundland regarding compensation

April 18, 2023

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Vancouver – Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE - SHP) ("Shoal Point" or the "Company"), announced today that it has been engaging with the Government of Newfoundland and Labrador regarding compensation for its frustrated efforts to develop its hydrocarbon assets on the west coast of Newfoundland.

"Our Company has spent more than $40 million on attempting to develop the Humber Arm Formation shale play offshore of the Port au Port peninsula," said Mr. Jarvis. "Our efforts have been stopped for 10 years by a fracking moratorium that was introduced by the Province in 2013. Under recent Supreme Court of Canada case law, we feel we are entitled to compensation for the Province's actions, formally known as constructive expropriation. In addition to our sunk costs, our lost opportunity costs are considerable. If our dialogue with the Province fails to bear fruit, we will be considering our options."

The Company confirms that, while it is pursuing compensation from the Province, to date these efforts have been unsuccessful and there is no certainty that a settlement will be reached.

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