Nova Scotia’s premier says the only company with rights to explore for offshore oil and gas in the province missed Monday’s deposit deadline.
Tim Houston said in a social media post Monday that Nova Scotia’s Inceptio Oil and Gas would not be able to put $50 million down as required.
In April, regulators approved a $210-million exploration bid from the company, led by Nova Scotian James Edens, who is also president of Scotland-based Inceptio UK.
Inceptio still required an exploration licence before it could begin activities such as seismic testing and drilling.
Houston says the lack of deposit is a setback, but the province remains committed to developing its offshore resources. …