Company that proposed fracking in Western Newfoundland says announcement coming
Shoal Point Energy, a promoter of fracking for oil in Western Newfoundland, is about to make an important announcement.
Shoal Point drilling site on the Port au Port Penninsula. — TC Media file photo
Leading up to the actual release of the news, expected by the end of the week, the company leadership has asked for a halt on trading of company securities, according to a statement issued this afternoon.
The company is listed on the CNSX exchange under the symbol "SHP."
Shoal Point Energy has been pursuing the idea of onshore and onshore-to-offshore oil and gas projects in Western Newfoundland using hydraulic fracturing, a.k.a. fracking.
The projects the company has suggested have been met with fierce opposition from both individuals living in the region and anti-fracking groups with further reach.
In early November, the Government of Newfoundland and Labrador put a road block in the way of Shoal Point Energy’s stated long-term plans — announcing applications for onshore or onshore-to-offshore oil projects involving fracking would not be accepted.
The moratorium on fracking has no set end date.
Shoal Point Energy’s last filing with securities regulators was Nov. 18.