Questerre (Buy, tp NOK 4) – Transformative deal strengthens upside potential (UPGRADE)
Conclusion
We upgrade Questerre to Buy and raise our target price to NOK 4 (from NOK 2), following what we view as a transformative acquisition of PX Energy (~140% of pre-deal EV), an oil shale specialist with producing assets in Brazil. The most immediate benefit of the deal is Questerre’s access to proven oil shale expertise and a producing asset acquired at an attractive valuation from a financially distressed seller. In addition, the transaction has the potential to drive strong earnings and cash flow multiples, though it is still too early to quantify these impacts with precision. Overall, we believe Questerre’s shares should trade at a smaller discount to NAV than before. Our new target price implies a P/NAV of approximately 0.9x, assumes that the deal will close and incorporates the anticipated value from the future spin-off of the Quebec assets. SB1M
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Fra samme analyse:
Significant positive estimates changes: We make significant changes to our estimates after the deal announcement. We assume deal closing by end 2025, increase 2026-27 revenue by 160-180%. Our EPS estimates are however up less due to assumptions are refinancing of a bond that currently sits in the PX Energy structure. Our SOTP valuation now stand at NOK 4.6/share, which is up around 20%. In a scenario where we assign more value to the upsides of PX Energy, we easily see a NAV of NOK 10/share
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Fra Sparebank1 Markets
Questerre (Buy, tp NOK 4) – PX deal overshadows strong q/q growth
Q2 financials as expected, strong q/q growth: Questerre reported Q2 25 EBITDA and recurring net income of CAD 4.7m and CAD -0.7, in line with our estimates of CAD 5.0m and CAD -0.6m. EBTIDA was up from CAD 3.1m in Q1 25 thanks to strong production growth from new Kakwa wells. Q2 production of 3,090 boe/d as up from 1,729 boe/d in Q1 25. While production was 1% lower than our estimate, realised prices were lower than we had modelled. That was however offset by lower production costs and lower depreciation than we had assumed. Net cash of CAD 18.3m was marginally above our CAD 17.5m estimate, mainly owing to some working capital release. Net cash was down from CAD 27m by end Q1 25 due to significant investments in the Kakwa area. Overall, we view Q2 earnings as a neutral data point compared our expectations.
Positive comments around Quebec gas: In the Q2 report, Questerre highlighted that the company is working towards a solution on its gas discovery in Quebec: “Interest is growing in our natural gas discovery as a secure and reliable supply in Quebec, particularly among industrial gas users. It is also being considered as the supply for the 550 MW Becancour thermal power plant as it may be converted to produce power for peak demand periods.”
Transformative deal strengthens upside potential: Although the Q2 q/q production and earnings growth reported for Q2 both are positive, we believe the most interesting aspect around the Questerre investment case now is the recently announced acquisition of PX Energy. After that that announcement, we upgraded Questerre to Buy and raise our target price to NOK 4 (from NOK 2), following what we view as a transformative acquisition of PX Energy (~140% of pre-deal EV), an oil shale specialist with producing assets in Brazil. The most immediate benefit of the deal is Questerre’s access to proven oil shale expertise and a producing asset acquired at an attractive valuation from a financially distressed seller. In addition, the transaction has the potential to drive strong earnings and cash flow multiples, though it is still too early to quantify these impacts with precision. Overall, we believe Questerre’s shares should trade at a smaller discount to our NAV than before. Our new target price implies a P/NAV multiple of approximately 0.9x, assumes that the deal will close and incorporates the anticipated value from the future spin-off of the Quebec assets.
Quebec spin off on the agenda: Following a potential closing of the acquisition of PX Energy, Questerre is planning to spin off its Quebec assets into a separate vehicle and distribute exposure to this vehicle to existing shareholders. This will make sure that existing shareholder keep the current Quebec exposure on an undiluted basis and that new shareholder (the sellers of PX Energy) not will be exposed to Quebec upside. We guess this vehicle may be listed as a separate entity on Oslo Stock Exchange, or other feasible marketplaces.
Denne er megaspennende: " Quebec
Positioning our discovery as a cost-effective and near-term solution for the province’s energy needs is slowly gaining traction. At a meeting of industrial gas users in May, there was interest in using local gas to mitigate the reliance on imports and reduce transportation costs. We believe it is for these same reasons that the operator of the Becancour power plant is considering us as a supplier of natural gas. Our test wells are less than 10 kilometres away from their facility and could be brought on production in under one year. "
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Nedgangen vi har sett siste dager er nok kun basert på TA. En fin HS-formasjon som nå er fullført:
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OLJE- OG OFFSHORE: SB1M er ute med ny sektorrapport med følgende anbefalinger:
Oljeselskap: Aker BP oppgraderes fra hold til kjøp med uendret kursmål NOK 290. Bluenord kjøp og uendret kursmål NOK 610. BW Energy Limited hold og uendret kursmål NOK 38. DNO hold og uendret kursmål NOK 15. Equinor hold og uendret kursmål NOK 270. Okea kjøp og uendret kursmål NOK 22. Panoro Energy kjøp og uendret kursmål NOK 33. Petronor oppgraderes fra hold til kjøp og kursmålet økes til NOK 13 (11). Questerre Energy Corporation kjøp og uendret kursmål NOK 4
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Quebec premier promises new legislation inspired by federal major projects law
MONTREAL — Quebec Premier François Legault says his government will table new legislation to speed up environmental approvals, modelled on the federal major projects law.
During a Sunday evening appearance on popular Quebec talk show Tout le monde en parle, Legault said the Quebec bill will be “equivalent” to Bill C-5, Prime Minister Mark Carney’s signature legislation meant to fast-track projects deemed to be in the national interest.
“Currently, it takes years to get environmental permits,” he said. “We can’t afford that.”
Legault said the planned Quebec legislation is known internally as “Q-5,” a reference to the federal law. He said its aim would be to get big projects off the ground faster to create new jobs in the province, though he insisted that environmental protections wouldn’t be sacrificed.
The Quebec premier has recently suggested that his government could “take a pause” on certain environmental policies, however. In another interview with Radio-Canada earlier this month, he claimed Quebec “cannot be the only state in North America making an effort” to fight climate change.
Legault’s governing party, the Coalition Avenir Québec, has been trailing badly in the polls for months and could be wiped out in the next election, set for October 2026. According to poll aggregator Qc125.com, the party could lose all of its 83 seats if an election were held today.
Last week, one of Legault’s former ministers quit his caucus after being shuffled out of cabinet earlier this month. Maïté Blanchette Vézina said she had lost faith in Legault and he should reconsider his future as leader of the party.
But on Sunday, Legault insisted he has the support of “the vast majority” of his caucus, and suggested Blanchette Vézina was merely disappointed at having been dropped from cabinet.
The premier also doubled down on his government’s plans to strengthen secularism rules in Quebec. Last month, Secularism Minister Jean-François Roberge announced he would table a bill to ban prayer in public places.
“The majority of Quebecers do not like to see people on their knees in our streets,” Legault said Sunday. He referred specifically to Muslim prayers taking place as part of pro-Palestinian demonstrations in front of the Notre-Dame Basilica of Montreal, which have sparked tensions in Quebec.
“What’s happening in Gaza is unacceptable,” he said. “But is this our fight?”
Quebec’s national assembly had been scheduled to resume on Sept. 16, but Legault decided to prorogue the legislature until Sept. 30 as he shuffled his cabinet.
This report by The Canadian Press was first published Sept. 21, 2025.
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Utvilsomt positivt for vår Utica gass.
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Quebec should develop natural gas industry, Alberta premier says | Montreal Gazette
Quebec should develop its own natural gas industry to be ‘strong and sovereign’ within Canada: Alberta premier
Danielle Smith told the Chamber of Commerce of Metropolitan Montreal that she sees opportunities for Quebec and Alberta to find areas of political partnership.
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Ser litt meir positivt ut no.
Har i 3 år gått mellom ca 1,5 til 2,5. Ser ut til å muligens brytte opp. Dei som har kjøp siste 5 år har positiv avkastning som kan gjere det litt enklere å få positivt moment i aksjen.
Siste 15 år
Siste 10 år
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Carney shifts stance on maintaining emissions cap | Toronto Sun
Carney said he remains in “constructive discussions” with Alberta Premier Danielle Smith — who has called for the emissions cap and the tanker ban to be repealed, along with other environmental regulations she calls “bad laws.”
The two have spoken of a “grand bargain” in recent months that would link Alberta’s desire for a pipeline to the British Columbia coast to the completion of the so-called “Pathways Alliance” carbon-capture project. Smith has said she hopes to have a deal in place by the Grey Cup in mid-November, and have a proposal submitted to the Major Projects Office by the spring. When asked Friday if he supports a new pipeline to the West Coast, Carney said the government believes in “nation building projects,” including conventional energy projects, but they must have material economic benefits, be consistent with climate objectives and provide benefits for Indigenous Peoples.
“It depends on all of those elements and this government will engage with proposals that have a possibility or prospect of achieving those,” he said.
Smith and industry leaders have repeatedly said no pipeline project is worthwhile as long as the emissions cap and tanker ban remain in place. Enbridge CEO Greg Ebel said in a speech last week his company wouldn’t build a “pipeline to nowhere,” referring to the industry’s inability to export oil off the B.C. coast because of the tanker ban.
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Hei @Hoven , det er ikke så mange andre som skriver på QEC-tråden for tiden, så ingen skal komme og påstå du ødelegger tråden ved å spamme den ned. 
Men vi har en smule issue ved tiden på at en del brukere blir frustrert over at store mengder AI-generert innhold blir postet, som har gjort at en ny regel har blitt opprettet:
Så hvis mange nok brukere velger å bruke flaggeknappen mot innlegget ditt, slik de kan etter regelen slik den nå står, så vil det forsvinne av seg selv. 
Tar gjerne imot input fra AI-brukere om hvordan de synes denne regelen bør praktiseres
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