STOCKS NEWS EUROPE-Questerre shares down on Quebec delays

Shares in Oslo-listed shares in Canadian gas producer Questerre tumble 7.3 pct to 8.83 crowns after the firm says its projects in Quebec would be delayed, which analysts say confirm it could take a long time before shale gas in Canada has regulators’ approval.

"There is no doubt that this is negative news, even though it has been known that there could be delays and that there are uncertainties, both political and connected to the drilling programme," Arctic Securities analyst Trond Omdal says.

Questerre says in a statement that until new regulation is in place and the results from two of its wells are revealed, it would not go ahead with its plans to acquire seismic and construct a natural gas pipeline for shale gas.

It says the delay is "disappointing" and that it has recieved a go-ahead from locals and the municipality in the region.

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