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Shoal Point Energy Ltd C.SHP

Alternate Symbol(s):  SHPNF

Energy Oil & Gas E&P
Shoal Point Energy Ltd. is a Canada-based oil and natural gas exploration and development company. The Company is engaged in the acquisition, exploration and development of oil and natural gas properties. The Company’s projects include Humber Arm Allochthon. It has the rights to the exploration lands covering approximately 220,000 acres in the near offshore of the west coast of Newfoundland. The Company holds exploration license 1070 (EL 1070) off the west coast of Newfoundland which totals approximately 150,000 acres. The EL 1070 in Newfoundland is considered to be an exploration and evaluation asset, as it is still in the exploration stage. The Company’s Pratt County project is considered a developed oil and natural gas property. The Company’s subsidiary is Shoal Point U.S.A. Inc.


CSE:SHP - Post by User

Shoal Point Energy Ltd
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Post by tickerhiton Oct 02, 2023 8:15pm
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Post# 35666025

\in case you missed it

\in case you missed it
 |news-releases|2023| 

Shoal Point engages with Newfoundland regarding compensation

April 18, 2023

 View in PDF Format

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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