Brazil joint venture partner receives regulatory approval

Executive Summary

• Nice Capital Holdings Ltda. received CADE (Brazilian antitrust regulator) approval to acquire a 50 % interest in PX Energy, the oil‑shale JV between Nice and Questerl Energy.
• The acquisition will be effected through purchase of shares of Questerre’s special‑purpose subsidiary and its Brazilian holding company that owns 100 % of PX Energy.
• Questerre expects to finalize the joint‑venture agreement later in November 2025, positioning the company for expanded oil‑shale production in southern Brazil.

Key Details

• Regulatory approval: CADE issued a final, non‑appealable certificate authorizing Nice’s participation in the JV.
• Ownership structure: Post‑closing, Nice will hold 50 % of PX Energy; Questerre will retain the remaining 50 %.
• Acquisition mechanism: Nice will acquire shares of Questerre’s special‑purpose subsidiary and the Brazilian holding company that owns 100 % of PX Energy equity.
• Timeline: Joint‑venture agreement expected to be signed later in November 2025.
• Strategic rationale (CEO comment): “With the CADE approval in place, we look forward to working with Nimofast to realize the potential of the PX Energy acquisition.” – Michael Binnion, President & CEO.

Notable Quotes

“With the CADE approval in place, we look forward to working with Nimofast to realize the potential of the PX Energy acquisition. We expect to finalize our joint venture agreement with them later this month.” – Michael Binnion, President and Chief Executive Officer, Questerre Energy Corporation.