Nova Scotia's only offshore oil and gas explorer misses its deposit deadline

Deposit the company could not pay

50 $ million

Premier Tim Houston said U.K.-based Inceptio Oil and Gas could not put down the required $50 million by Monday's deadline. He called it a setback.

In April, regulators approved the company's $210-million exploration bid. It still needed an exploration licence before it could begin work such as seismic testing and drilling.

"Hard things are hard but we will continue laying the groundwork for a stronger, more resilient Nova Scotia that can stand on its own and meet the challenges of tomorrow."

— Premier Tim Houston

Background

There has been no offshore oil or gas activity in Nova Scotia since the Sable and Deep Panuke gas projects shut down in 2018.