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CALGARY - Questerre Energy Corporation (TSX,OSE:QEC) announced Wednesday that Brazilian regulators have approved its joint venture with Nice Capital Holdings Ltda., a member of the Nimofast Group, for developing oil shale resources in Brazil. The small-cap energy company, with a market capitalization of approximately $101 million, has seen its shares rise 33% year-to-date, trading at $0.24.
The Brazilian Administrative Council for Economic Defense (CADE) issued a certificate for its final and non-appealable decision allowing Nice Capital to proceed with the partnership. Under the agreement, Nice will acquire a 50% interest in Parana Xisto SA (PX Energy), an oil shale production and refining company based in southern Brazil.
Nice will obtain its stake through acquiring shares in Questerre's special purpose subsidiary and the Brazilian holding company that owns PX Energy.
"With the CADE approval in place, we look forward to working with Nimofast to realize the potential of the PX Energy acquisition," said Michael Binnion, President and Chief Executive Officer of Questerre, in a press release statement.
The companies expect to finalize their joint venture agreement later this month, according to the announcement.
Questerre describes itself as an energy technology and innovation company focused on acquiring high-quality resources and transitioning its energy portfolio through clean technologies.
The information in this article is based on a company press release issued by Questerre Energy Corporation.
In other recent news, Questerre Energy Corporation has announced a significant development involving a joint venture with Nice Capital Holdings Ltda. The two companies have agreed to a 50/50 partnership to develop Parana Xisto SA, an oil shale production and refining company located in southern Brazil. Nice Capital is part of the Nimofast Group, a major private fuel importer and distributor in Brazil, boasting annual revenues of approximately $2 billion. This joint venture will see both Questerre and Nice Capital sharing management rights and board representation equally. These recent developments highlight Questerre's strategic move to expand its operations in the South American market through collaboration with established local entities.
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