Group 1 - Edison, an Italy-based gas company, is enhancing its flexibility by substituting some gas volumes from pipeline contracts with liquefied natural gas (LNG) [1] - The company has entered into a 15-year deal with Shell to procure approximately 700,000 tonnes per annum (tpa) of US LNG starting in 2028 [1][3] - European operators, including Edison, are increasingly turning to LNG to navigate uncertain consumption patterns and redirect cargoes to different markets when demand decreases [2] Group 2 - Edison plans to reduce overall volumes from two expiring pipeline contracts, one for around one billion cubic metres (bcm) per annum from Algeria and another for roughly 4.4 bcm from Libya, replacing them with more LNG [2][3] - The Shell contract is a key component of Edison's strategy to supply either the Italian or European market or to channel volumes to emerging economies [3] - Edison is currently engaged in arbitration with Venture Global LNG over alleged failures to initiate LNG deliveries in late 2022, with a decision expected by the end of 2025 [4] Group 3 - The outcome of a similar dispute between Venture Global and Shell, which Venture Global won, was unexpected for Edison [4][5] - Venture Global faces additional claims from other companies, including BP and Galp, regarding its fulfillment of contracted LNG deliveries [5]

Corporate Strategy & Assets - Questerre holds strategic interests in Red Leaf for patented oil shale technology and a large oil resource in Utah[2] - The company is assessing a significant oil shale deposit in the Kingdom of Jordan for commercial development[2, 22] - Questerre is seeking value for a giant natural gas discovery in the St Lawrence Lowlands, Quebec[2, 27] - The company has a condensate-rich Montney resource play in Western Alberta with attractive economics and proven tight oil production in SE Saskatchewan/SW Manitoba[2] Financial & Operational Performance (Q2 2025) - Funds Flow from Operations reached $5 million[4] - Capital Expenditures amounted to $1 million[4] - The company reported a Working Capital Surplus of $13.2 million[4] - Production averaged 3,091 boe/d, with 55% weighting towards oil and liquids[4] - Revenue per boe was $48.62, with an Operating Netback of $21.90 per boe[4] Market Capitalization & Share Structure (Aug 31, 2025) - The Market Capitalization stood at $146 million[6] - Insiders held 24,099,804 shares, representing 6% of the total[6] - The Free Float was 404,416,032 shares, accounting for 94% of the total[6] - Daily Trading Volume averaged 1.6 million shares[6] Quebec Legal & Political Challenges - The company is seeking leave to appeal to the Supreme Court of Canada regarding the Quebec Court of Appeal decision on Bill 21[38] - Economic losses related to the Quebec situation are estimated to range between $700 million and $4.8 billion[38]