“Poised to be the first Canadian company to market LNG off the East Coast to the world"
Pieridae is Canada’s only independent, publicly-traded LNG company, focused on developing the multi-billion Goldboro LNG Project and export facility off Canada’s East Coast, supplied with Canadian natural gas that the company owns. Many key elements are in place: the majority of key permits, a 20-year contract with German energy company Uniper to buy all the gas from Goldboro’s first train, confirmation of eligibility in principle of an untied loan guarantee of up to US$4.5 billion from the German Government, and a signed benefits with all 13 Nova Scotia Mi’kmaq bands.
The Goldboro Project will create thousands of Canadian jobs; support new roads, schools and hospitals through taxes and royalties; and create stable world markets for Canadian natural gas for decades to come.
29/09/2020 - Pieridae Achieves a Major Goldboro LNG Milestone
Bechtel Signed to Design & Build the LNG Facility
Respected global engineering firm Bechtel is now on board to initiate a detailed review of scope and design and developing a comprehensive engineering, procurement, construction and commissioning (EPCC) execution plan by March 31, 2021 for the Goldboro LNG Facility, along with delivering a final lump sum, turnkey EPCC contract price proposal by May 31 of next year.
“This is a very positive step forward for our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “Bechtel has significant experience building and delivering global LNG projects, helping their customers deliver about 30% of the world’s LNG capacity over the past two decades. They have a proven track record of delivering projects throughout the world on time and on budget.”
26/08/2020 - PIERIDAE HIRES EXPERIENCED SVP TO LEAD ITS GOLDBORO LNG PROJECT
Andy Mukherjee Brings Worldwide Expertise to Goldboro LNG
We are excited to welcome Andy Mukherjee P. Eng. as Senior Vice-President LNG to lead the development of the multi-billion-dollar Goldboro LNG Project. Mr. Mukherjee is a veteran LNG industry professional with worldwide expertise in front-end engineering and design, and EPCC contracts.
“We are very pleased to have someone with Andy’s vast, 30-plus years of experience join our team and lead the development of our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “I have every confidence Andy will lead Goldboro LNG through the open book estimate and deliver a lump sum turnkey EPCC contract for the Project to prepare us for a positive final investment decision next year.”
12/08/2020 - PIERIDAE CONTINUES TO DELIVER SOLID FINANCIAL RESULTS
Company releases its Q2 2020 Financial Results
In the midst of COVID-19 and a challenging business environment, our company achieved strong metrics in overall revenue, net operating income, adjusted funds flow from operations and daily production.
“We achieved these strong results through our positive hedging strategy, limiting non-essential capital and operating spending and taking active steps to reduce administrative costs,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “As a result of the Alberta Foothills asset acquisition, revenue was up more than 400% year over year on a Q2 basis, production climbed 185%, and we continued to operate our assets safely and reliably.”
28/07/2020 - REPORT: CANADIAN LNG INDUSTRY CAN CONTRIBUTE TO A POST-PANDEMIC NATIONAL ECONOMIC RECOVERY
Pieridae’s Goldboro LNG is a Critical Project for Canada’s Economic Future
A new report released by the Conference Board of Canada discusses the exciting economic impacts of a strong Canadian liquid natural gas industry across the country.
The report concludes annual spending in the LNG sector would increase national GDP by more than $11 billion per year, substantially increase national employment, and become a major contributor to reducing GHG emissions in Canada and globally.
21/07/2020 - Goldboro LNG Advances in Spite of Difficult Market Conditions, COVID-19
Pieridae CEO Discusses Project with Global Podcast
Pieridae CEO, Alfred Sorensen, recently spoke with Natural Gas World editor-in-chief, London, UK’s William Powell, and Americas editor, Dale Lunan, on his aspirations for the Goldboro LNG Project. Goldboro would export cleaner-burning Canadian natural gas to global markets. It was a wide-ranging discussion covering several topics including global and Canadian LNG markets going forward, the future of pipelines, and the state of current LNG projects.
Throughout the interview, Sorensen confirmed Pieridae continues to advance its LNG Project despite challenging market conditions and COVID-19.
23/06/2020 - Feature Article: ‘How Do You Safely Operate a Complex Gas Plant During a Pandemic?’
A Story of Ingenuity, Respect & Results
Control Room at the Caroline Gas Complex
Such has been the daily life of Mark Weiss since mid-March. Mark is the superintendent of the Caroline Gas Complex, a high-tech gas processing facility built for close to a billion dollars in the early 1990s. Pieridae produces the natural gas Albertans need to cook their food and heat their homes. Daily, we are producing enough gas for 660,000 homes in the province.
On a good day, there are many challenges to keep these types of facilities running safely and reliably. Layer onto that the COVID-19 pandemic and its impacts, and all scenario planning is out the window.
Mark remembers when that first phone call came to all three superintendents at Pieridae’s gas plants. COVID-19 had hit, Pieridae needed to react quickly to maintain safe, reliable operations but with one key caveat: the majority of employees now had to be working from home. The gas complexes had to start operating very differently and in a hurry…
“Holy sh** this is happening, this is how we have to run our business with a rapidly advancing virus and this is what we need to do to prepare,” says Mark. “We are told senior leadership needs your plan on how we are going to keep these gas plants operating in the next couple of hours.”
With social distancing playing an overarching role, 18 of us from Pieridae were privileged to virtually open the Toronto Stock Exchange this morning.
“It was a pleasure for me to join 17 of my colleagues from across Canada to virtually open the 9th largest exchange in the world by market cap,” said Pieridae CEO Alfred Sorensen. “The opening marked a special week for us at Pieridae, with the company starting trading on the TSX just yesterday. Being a part of the Exchange will contribute to raising the Company’s visibility and profile, along with exposure to the Canadian institutional investment community.”
Quite the accomplishment for the company to announce as Pieridae has graduated to the Toronto Stock Exchange. Shares are expected to begin being listed June 3.
“This is a big step for our Company, and we look forward to the benefits being part of the TSX provide,” said Pieridae CEO Alfred Sorensen. “The key here is that being a member of the TSX allows Pieridae to tell its story to a bigger investor audience, including the Canadian institutional investment community, which should improve liquidity in the stock.”
At Pieridae Energy’s Annual General Meeting held this morning, the company dealt with a number of matters including the re-election of seven directors to its Board and the election of one new, independent director.
Re-elected are: Myron Tétreault, Andrew Judson, Alfred Sorenson, Mark Horrox, Charles Boulanger, Kjell Pedersen and Charle Gamba. Pieridae welcomes Kiren Singh as its newest Board member.
15/05/2020 - PIERIDAE RESPONDS TO REGULATORY DECISION REGARDING ALBERTA FOOTHILLS ASSETS TRANSFER OF LICENCES
The Company is Confident a Solution Will Be Found
CALGARY, ALBERTA – May 15, 2020 Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) issued the following statement from CEO Alfred Sorensen with respect to the Alberta Energy Regulator’s (“AER”) decision to deny the application to transfer licences for Shell’s Foothills Assets to Pieridae:
“We are disappointed by the AER’s decision regarding the transfer of licences for the Foothills Assets.
The decision has nothing to do with Pieridae’s financial position nor its ability to clean up certain assets. The issue for denial was the fact that there is no precedent for splitting a licence or no ability under the current legislation to do so. This issue only applies to the Waterton and Jumping Pound gas plants.
Both companies are moving swiftly to evaluate options on the transfer applications and will continue to attempt to seek clarity from the regulator to define an appropriate path forward."
05/05/2020 - PIERIDAE & UNIPER AGREE TO EXTEND KEY DEADLINES IN THEIR LONG-TERM LNG AGREEMENT
Goldboro LNG Project Continues to Move Forward
The global LNG industry has obviously not been immune to the negative impacts of COVID-19. Over the last several weeks we have seen projects in Australia, Africa and the Gulf Coast either cancelled or delayed indefinitely due to the challenging energy market.
This is not the case for our multi-billion Goldboro LNG Project. We continue to push forward and we announced a positive development today as Pieridae has negotiated extensions of deadlines under its 20-year agreement with German energy company Uniper Global Commodities. The key extension is June 30, 2021 for the deadline to make a positive final investment decision for the LNG facility. Our 20-year agreement with Uniper is for all of the liquefied natural gas produced at Goldboro’s Train 1 or 4.8 mmtpa (million tonnes per annum).
16/04/2020 - PIERIDAE DELIVERS STRONG Q4 AND 2019 RESULTS
Revenue, Net Operating Income & Production All Up Substantially
Pieridae issued its Q4 2019 earnings and year-end financial results this morning and we had quite a good story to tell.
The company recorded substantial, year-over-year increases in revenue, net operating income and other key financial metrics. For example, petroleum and natural gas revenue increased $102.5 million year over year, or 4347%, to $104.9 million in 2019.
From an operations standpoint, production increased 241% from 17,509 boe/d in the fourth quarter of last year 2018, to 42,137 boe/d in Q4 2019.
27/02/2020 - BUILDING TRUST: CANADIAN LNG DEVELOPERS & FIRST NATIONS
DOB Special Report Highlights Importance of First Nations Engagement
Another solid outing in its LNG series of reports as Bill Whitelaw and Daily Oil Bulletin writers delve into the important topic of First Nations consultation and engagement.
The report highlights companies who have been successful in advancing their projects have done so by continuing to work with First Nations over time to build trust and respect.
Our CEO Alfred Sorensen was the developer behind the first B.C. LNG Project: Kitimat LNG. After he left, LNG Canada asked him how best to work with B.C. First Nations.
21/02/2020 - HELPING FIRST NATIONS YOUTH FIND SUMMER JOBS
Pieridae Participates in a Symposium to Help Kick-Start Careers
It was a pleasure for a number of us at Pieridae Energy to take part in the 2nd Annual Treaty 7 Post-Secondary Summer Employment Symposium (CTFT7).
The event is designed to connect post-secondary First Nations students with prospective employers. Emphasis was given to partnering students with companies that would help them advance their chosen career but firms who attended were just as concerned with fit and the ‘soft skills’ that are so important in an office environment.
28/01/2020 - TALKING CANADIAN LNG DEVELOPMENT WITH FEDERAL NATURAL RESOURCES MINISTER
Pieridae CEO Alfred Sorensen sits down with Hon. Seamus O’Regan
Canada's burgeoning LNG industry was the central topic as our CEO sat down with NRCAN Minister Seamus O’Regan in Ottawa yesterday to talk about Pieridae’s US$ 10 billion Goldboro LNG Project. Goldboro would ship sustainably produced Canadian natural gas to the world from our country’s east coast.
“We stressed to Minister O’Regan that Goldboro will help the Government of Canada meet three key goals: support reconciliation as we look to partner with First Nations, address global GHG emissions by using cleaner-burning LNG to replace coal, and get our resources to market along with creating good-paying middle-class jobs,” said Pieridae CEO Alfred Sorensen.
17/01/2020 - PIERIDAE REMAINS FINANCIALLY SOLID WITH STRONG, EXTENSIVE SOUR GAS EXPERIENCE
Inaccurate Media Criticism Comes as Regulator Considers Shell Asset Transfer to Pieridae
A lone media story this week portrayed our company as ‘financially weak and lacking the ability to safely operate its assets’.
Nothing could be further from the truth.
With the close of the acquisition of Shell’s Alberta Foothills assets last fall, Pieridae is poised to increase its net operating income tenfold in 2020 and nearly triple production. As one of the largest Foothills producers and the largest foothills midstream owner in the country, we continue to grow and prosper.
Safety remains our top priority, and bringing 200 former Shell employees on board makes that commitment even stronger. Many of these employees were involved in building comprehensive safety, compliance, and maintenance procedures for these gas plants in a multinational corporation with global reach. We are continuing with these processes and all Shell field employees were transferred to us in October are part of the deal.
“These are very talented, experienced team members,” said Pieridae’s COO, Tim de Freitas. “They have operated our newly acquired gas plants and other assets for decades, and some of them are from international midstream projects and large petrochemical plants. We are fortunate to have them as their experience complements our senior leadership team that has worked together for over 15 years in deep sour exploration and development in the Foothills and northern BC.”
12/12/2019 - PEA’s ‘David and Goliath’ Story Continues to Take Shape
2020 Guidance Projects Big Increases in Net Operating Income, Production
A little while back we were described as ‘A PEA-Sized Company with a Huge Natural Gas Vision’. Note that our ticker on the TSXV is PEA….
Fast forward to today and as we look at just-released guidance for 2020, we continue to put more rocks in our sling.
Net operating income is projected to grow to $80-$110 million, a 10 times increase over where Pieridae was just a few months ago.
2020 Production is pegged at 40,000-50,000 boe/d, a 230% to 290% increase over Q3 exit production. As well, we project operating costs per barrel of $10.50-$11.50/boe. And our hedging program will be 55-65% on a boe/d basis.
27/11/2019 - London, U.K. Event Features Canada's Global LNG Opportunity
CEO Alfred Sorensen Discussed the Advantages of Pieridae’s Goldboro Project
On the heels of the former Executive Director of the International Energy Agency speaking to Calgarians about the importance of Canada joining in on the massive LNG expansion surge sweeping the globe, Pieridae’s CEO Alfred Sorensen took part in a blue-ribbon panel discussing that very topic in the U.K. in London.
The event centered on the scope of Canada’s LNG growth opportunity through a special briefing to European energy investors and stakeholders, showcasing the potential for secure supplies of cleaner, greener LNG to Europe and Asia from terminals on Canada’s east and west coasts.
22/11/2019 - THE HEART OF THE COMMUNITY: MARY’S STORE
Long-time local resident looking forward to Goldboro LNG Project
It is important to tell the stories of those who will experience the benefits of our US$10 billion Goldboro LNG Project. Mary Rhynold sits on our Community Liaison Committee in Goldboro and is a big supporter of the project. She is also a proud member of the local community, having lived there for over 30 years. And the store she runs with her husband, like in so many towns, is the heart of the community.
12/11/2019 - PIERIDAE APPOINTS NEW CHIEF FINANCIAL OFFICER
New CFO Well-Positioned to Take Company to the Next Level
CALGARY, ALBERTA – November 12, 2019 - Pieridae Energy Limited (“Pieridae” or the “Company”) (TSXV: PEA) is pleased to announce the appointment of Mr. Rob Dargewitcz as Chief Financial Officer (“CFO”) of the Company. Mr. Dargewitcz began his new role on November 11, 2019.
"We are excited to officially welcome Rob to our leadership team as our new CFO," said Pieridae CEO Alfred Sorensen. "He did a stellar job in helping to secure the financing needed to close the transformational Shell asset acquisition. After helping to raise $10 billion to construct the North West Redwater refinery, Rob’s skill set is well positioned to bring in the larger financing needed to build Pieridae’s Goldboro LNG Project.”
05/11/2019 - Opportunities for LNG from Canada Increase
Christian Schaudwet Der Tagesspiegel November 5, 2019 Tagesspiegel Background Energie & Klima
The Goldboro LNG project in Canada is to become a new source for Germany's gas supply. The German federal government has promised billions of dollars in loan guarantees, although liquefied natural gas is particularly controversial in terms of climate policy.
The European Investment Bank (EIB) actually wanted to decide by mid-October to cease financing natural gas projects out of concern for climate protection. But Germany, an influential EIB member, insisted that the bank continue to invest money in natural gas infrastructure. Natural gas is, after all, more climate-friendly than coal and indispensable as a "bridge" to a CO2-free energy world, argues the German federal government. Correspondingly, Germany's own national development policy is natural gas-friendly.
Critical Step on the Road to Building the US$10 billion Goldboro LNG Project
It’s official: Pieridae now owns all of Shell Canada’s Alberta Foothills-area production and assets. The $190 million deal includes: three gas plants - Jumping Pound, Caroline and Waterton; just under 29,000 BOE/d of production; a 14 per cent working interest in the Shantz sulphur forming plant, and 1,700 kilometers of pipelines.
“We are very pleased to close this deal as it helps us secure the majority of the gas needed to supply the first train at Goldboro,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “We will complete our work with KBR to develop a fixed price contract to build Goldboro, then finalize project financing and make a final investment decision.”
20/09/2019 - GOLDBORO LNG ATTRACTS SIGNIFICANT INTEREST AT GASTECH 2019
Pieridae senior leaders discussed the project with many stakeholders
Regarded as the most significant global meeting for gas, energy and LNG professionals, GasTech returned to Houston for the first time in nearly two decades this week.
Pieridae senior leaders Thomas Dawson and Mark Brown joined 35,000 other international professionals to discuss opportunities and challenges facing the industry.
05/09/2019 - RAISING MONEY NECESSARY TO CLOSE SHELL ASSET ACQUISITION NEARLY COMPLETE
Pieridae Energy issued a news release September 5, highlighting the fact it has made solid progress in raising the financing necessary to close its deal with Shell Canada.
The company announced in late June it had reached an agreement to buy Shell upstream and midstream assets in the Alberta Foothills for CAD$190 million. The assets included production just shy of 29,000 barrels of oil equivalent, three deep cut sour gas processing plants (Jumping Pound, Caroline and Waterton), and 1,700 kilometers of pipelines.
14/08/2019 - PIERIDAE TEAM HEADS TO THE FIELD, MEETS AGAIN WITH SHELL EMPLOYEES
In this day and age of sometimes excessive instant messaging, texting and emails, nothing beats a face to face conversation. Members of the Pieridae team took that to heart this week, travelling rural Alberta highways to meet with Shell employees who work at the Jumping Pound, Caroline and Waterton gas plants.
In late June, Pieridae announced its intention to purchase these three plants along with upstream assets that currently produce just under 29,000 barrels of oil equivalent a day. The $190 million deal will immediately add value to the company and help enhance its position in the Alberta Foothills.
01/08/2019 - NOVA SCOTIANS ATTRACTED BY GOLDBORO LNG JOB PROSPECTS
A Young Family Returns to Nova Scotia from Alberta
Jamie McLennan moved to Alberta with his wife for a better life.
Like so many from Canada’s East Coast, the lure of the oil patch and the chance to get a steady, good paying job was an opportunity Jamie couldn’t pass up, especially when the prospects back home were few.
But he's back home now and looking forward to the opportunities at what would be Nova Scotia's largest-ever mega project - Goldboro LNG - and the 3,500 construction jobs plus 200 full-time jobs it would create.
26/07/2019 - WORLD-CLASS ENGINEERING FIRM VISITS GOLDBORO LNG SITE
KBR WORKING WITH PIERIDAE TO DESIGN & BUILD THE LNG EXPORT FACILITY
KBR is a globally-recognized company that’s been around for 100 years and has built or is building some of the most complex projects in the world. Pieridae Energy announced in April it would work with KBR to design, cost estimate and ultimately build its Goldboro LNG facility off the coast of Nova Scotia. The cost estimating phase is expected to take the next several months to complete. It will result in a turn-key contract.
17/07/2019 - A PEA-SIZED COMPANY WITH A HUGE NATURAL GAS VISION
If this is David and Goliath, at the very least David has some pretty big rocks in his sling.
Nice word play on our TSX-V stock ticker (PEA) and a great piece of writing overall from the team at the Oil & Gas Investment Bulletin and editor Keith Schaefer.
Give the attached story a read as it details our flagship project: the US$10 billion Goldboro LNG initiative - opening up global markets for Canadian natural gas and creating and supporting thousands of jobs in Alberta, Nova Scotia and beyond.
09/07/2019 - PIERIDAE CLOSES THE TSX – INJECTS SOME STAMPEDE SPIRIT!
Pieridae Energy had the privilege to close the Toronto Stock Exchange today during Stampede week in Calgary.
“As former Alberta Premier and Calgary Mayor Ralph Klein said the Stampede symbolizes the province’s spirit,” Pieridae CEO Alfred Sorensen points out. “So it was special for us to share that spirit through the Toronto Stock Exchange and feature a company that is working to lay the groundwork for its own legacy.”
04/07/2019 - High media interest in Pieridae's purchase of Shell's Alberta Foothills assets
Since the deal to acquire Shell Canada's assets was announced June 26, media interest in the acquisition has been high. Headlines of the coverage include:
Alfred Sorensen Finds Goldboro LNG Believers - AllNovaScotia.com
Pieridae to Purchase Shell Canada’s Foothills-Area Production and Assets - Daily Oil Bulletin
Pieridae Energy to buy Shell’s southern Alberta assets for $190-million as part of plan to build LNG plant in Nova Scotia - Globe & Mail
Pieridae to buy Shell Canada gas assets for C$190 million - Reuters
Pieridae Energy buying Shell Alberta natural gas assets to feed LNG plant - The Canadian Press
Pieridae Energy plans to bring bounty of Alberta gas fields to Guysborough County for export - Halifax Chronicle-Herald
Two LNG projects inch closer to final investment decision after key deals - The Financial Post
Something B.C.'s Horgan and Alberta's Kenney can agree on — LNG - Calgary Herald
Acquisition helps push Pieridae Energy toward FID on Goldboro LNG project - S&P Global Platts
Shell deal gives Pieridae enough gas to start Goldboro LNG - Guysborough Journal
Click on the link below to read all of the coverage.
27/06/2019 - Pieridae CEO Alfred Sorensen Discusses Shell Asset Acquisition with BNN
Our CEO spoke with BNN's Andy Bell about Pieridae's acquisition of Shell Canada's Foothills assets. Alfred Sorensens told Bell the deal secures the remaining natural gas needed to supply the first facility or train for its Goldboro LNG export facility on Canada's East Coast. And, the acquisition moves Pieridae one step closer to making a final investment decision for the US$10 billion project, one that would create thousands of Canadian jobs and supply Europe and other global markets with clean-burning natural gas.
26/06/2019 - PIERIDAE ENERGY TO PURCHASE SHELL CANADA FOOTHILLS-AREA PRODUCTION & ASSETS: 28,623 BOE/D AND ASSOCIATED MIDSTREAM ASSETS, INCLUDING THREE DEEP-CUT GAS PLANTS
Highlights:
Acquisition immediately accretive to the Company
Another major step forward, now fully supplying Train 1 at the Goldboro LNG facility
Pieridae becomes a major player in the Alberta midstream and upstream industry
Shell Canada Energy to take an equity stake in Pieridae
Other key stakeholders to increase their ownership positions
“This Acquisition will be immediately accretive to the Company and also allows us to enhance the sustainability of our existing asset base,” said Pieridae’s Chief Executive Officer Alfred Sorensen.
“It also demonstrates solid progress for our flagship Goldboro LNG project. We said we would acquire additional gas supplies for the LNG facility and we have done that. Not only does this deal help us secure the remaining conventional natural gas supply needed for the first train of the Goldboro LNG project, it makes Pieridae a major player in the Alberta midstream and upstream industry.
“But more than that, it creates a solid, ongoing foundation for the Company as we continue to build toward becoming the first Canadian company to market LNG off the east coast to global consumers,” concluded Sorensen.
18/06/2019 - PIERIDAE 2019 AGM: SHIPPING CLEAN-BURNING NATURAL GAS TO THE WORLD
Pieridae Energy held its Annual General Meeting on June 18, where CEO Alfred Sorensen provided an update on the company's business, including its flagship Goldboro LNG Project. Sorensen told shareholders and employees work continues on the project, with a primary focus on continuing to speak with contractor KBR to progress design work and cost analysis in anticipation of a final investment decision. "We need to focus on completing our work with KBR and also look at further acquisitions to round out the natural gas needed for train 1 at Goldboro. We continue to move forward on both fronts." Sorensen adds the biggest advantage Goldboro has is that no new pipelines are needed to move the gas to the East Coast. Pieridae has agreements with TC Energy on very advantageous tolls to transport the gas through its existing pipeline system. "We are excited to transport clean-burning natural gas globally to decrease emissions and create good paying jobs for Canadians," concluded Sorensen.
Our Goldboro LNG SVP Martin Belanger did a great job talking to groups of enthusiastic youngsters at the Global Petroleum Show about LNG . The program was called "Young GPS: The Future of Energy". As Martin has said, the energy sector is one of the largest contributors to our Canadian GDP, and a global example of an innovative, ethically, environmentally and sustainably responsible, highly regulated and leading-edge industry. Some local top performing students between the ages of 12-17 were invited to participate in a one-of-a-kind afternoon program where they met industry experts to learn how the newest technological advancements are influencing the industry and how a future career in the industry can contribute to Canada’s future global leadership position.
14/06/2019 - "WE CAN'T MISS OUT ON THE LATEST OPPORTUNITY TO SUPPLY THE WORLD WITH CANADIAN ENERGY" PIERIDAE CEO ALFRED SORENSEN
On the first day of the Global Petroleum Show in Calgary, Pieridae's CEO Alfred Sorensen was part of a keynote panel that discussed gas and LNG and how it is changing our energy future. Total demand for oil and gas is expected to rise by 30 per cent between now and 2040, and LNG demand could double by 2030. Sorensen, along with industry leaders from Shell, Peyto Exploration & Development, and the B.C. LNG Alliance offered insight into the opportunities and obstacles facing Canada as it attempts to play a role in supplying the globe with much-needed natural gas. All agreed natural gas can change the lives of many globally who currently have no access to clean-burning, inexpensive fuel to heat their homes and cook their food.
07/06/2019 - CEO ALFRED SORENSEN SPEAKS WITH THE MEDIA ABOUT WORLD LNG MARKETS & THE GOLDBORO PROJECT
Pieridae's CEO Alfred Sorensen was featured on Danielle Smith's QR77 live radio show on June 7 where he talked about the prospects for LNG development in Canada, with a focus on Pieridae's US$10 billion Goldboro LNG Project. Goldboro is Canada's best bet for LNG development off the East Coast, where stranded Alberta gas would be shipped to an export facility in Nova Scotia, liquefied and sold to global markets, creating thousands of jobs in Alberta and Nova Scotia.
30/05/2019 - EYE IN THE SKY: A DRONE'S VIEW OF THE GOLDBORO LNG SITE
Take a fly-over of Pieridae Energy's site in Nova Scotia where it will build a US$8 billion liquefied natural gas export facility. The project will be located 250 kilometers northeast of Halifax near the tiny community of Goldboro. It would be the province's largest-ever mega-project, putting 3,500 men and women to work during construction, and creating 200 permanent jobs once the facility is up and running.
30/05/2019 - PIERIDAE RAMPS UP LNG PROJECT ON EAST COAST
Our President and CEO Alfred Sorensen had the opportunity to engage with long-time business reporter Mario Toneguzzi to talk about Pieridae Energy, its key Goldboro LNG project, and how development of the LNG export facility continues to move forward.
30/05/2019 - PIERIDAE ANNOUNCES FIRST QUARTER RESULTS
“I was pleased we started the year off by signing a benefits agreement with the Nova Scotia Mi’kmaq, building on the respectful relationship we have worked to build with them for a number of years,” said Pieridae Energy CEO Alfred Sorensen. “The milestones this quarter dovetailed into work that continues to finalize an agreement with a contractor to build the Goldboro LNG facility, and also our ongoing efforts to secure the natural gas supply needed to supply the first facility or train at Goldboro.”
CALGARY, ALBERTA – May 9, 2019 - Pieridae Energy Limited (Pieridae or the Corporation) (TSXV: PEA) In light of the recent share price decline, Pieridae would like to confirm that there have been no material adverse changes in its business. As Pieridae’s management does not believe the current trading price of the Corporation’s shares properly reflects the inherent value of the Corporation’s investments, management reiterates that key project milestones achieved for its flagship Goldboro LNG Project are still firmly in place.
10/04/2019 - Goldboro LNG - Newsletter - Spring 2019
The newest edition of the Goldboro LNG newsletter is now posted on the website. It contains information on the benefits agreement with the MI'KMAQ, the Ikkuma acquisition, as well as general updates on the project and the team.
CALGARY, ALBERTA - April 1, 2019 - Pieridae Energy Limited (Pieridae) (TSXV: PEA) is pleased to announce that the respected global engineering firm of Kellogg Brown & Root Limited (KBR) has been engaged to perform a review of an amended version of the previously prepared front-end engineering and design (FEED) study for the proposed Goldboro LNG facility. KBR will also conduct an open-book estimate necessary for entering into a lump sum turnkey engineering, procurement and construction (EPC) contract. Pieridae anticipates signing that contract in the coming months. The company expects to start construction activities in 2019 and ship first gas overseas to meet the expected global LNG shortfall in 2023/2024.
From Discovery to Delivery: A Fully Integrated LNG Infrastructure Company
Founded in 2011, Pieridae Energy is developing a fully integrated LNG infrastructure business covering the entire LNG value chain, from exploration and production of natural gas to the development and operation of an LNG export terminal - Goldboro LNG - opening up world markets for Canadian natural gas.
Pieridae is Canada’s only independent, fully-integrated LNG company looking to build the US$10 billion Goldboro LNG project to supply much needed natural gas to the globe
Goldboro is construction ready
We own low-cost reserves to supply the facility
We will leverage a low cost of capital to build the LNG terminal and gas production base
Pieridae has strong access to international markets
We appreciate our continued community, labour and First Nations support
Pieridae conducts its every operation in a socially, environmentally and fiscally responsible manner.
The company and its employees are committed to giving back to the communities in which it lives and work.
It also committed to adopting and implementing environmental stewardship strategies that minimize its ecological footprint, thus ensuring the best possible future for all Canadians.
Pieridae’s every action are guided by a fair and strict code of business ethics focusing on honesty, ethics and accountability in all our dealing with our business partners, investors, government entities and the general public.
Bechtel Brings a High Level of LNG Experience & Expertise
CALGARY, ALBERTA – September 29, 2020 - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) is pleased to announce that it has signed a services agreement with respected global engineering firm Bechtel related to Pieridae’s 2-Train Goldboro LNG Facility. Some of the key deliverables in the services agreement are:
Initiating a detailed review of the scope and design of the Goldboro LNG Facility and developing a comprehensive engineering, procurement, construction and commissioning (“EPCC”) execution plan by March 31, 2021;
Delivering a final lump sum, turnkey EPCC contract price proposal by May 31, 2021; and
Conducting a meaningful engagement with the Nova Scotia Mi’kmaq First Nations including their participation in the construction of a large-scale work camp at the LNG site.
“This is a very positive step forward for our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “Bechtel has significant experience building and delivering global LNG projects, helping their customers deliver about 30% of the world’s LNG capacity over the past two decades. They have a proven track record of delivering projects throughout the world on time and on budget.
2020/08/26 – PIERIDAE HIRES EXPERIENCED SVP TO LEAD ITS GOLDBORO LNG PROJECT
CALGARY, ALBERTA – August 26, 2020 - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) is pleased to announce it has engaged veteran LNG industry professional Andy Mukherjee P.Eng. as Senior Vice-President LNG to lead the development of its multi-billion-dollar Goldboro LNG Project. Mr. Mukherjee has worldwide expertise in front-end engineering and design; detailed engineering, procurement, contracts, construction, and commissioning (“EPCC”); including module fabrication and construction related to mega LNG projects and oil and gas in North America and overseas.
Mr. Mukherjee officially joins Pieridae August 27, 2020.
“We are very pleased to have someone with Andy’s vast, 30-plus years of experience join our team and lead the development of our Goldboro LNG Project,” said Pieridae CEO Alfred Sorensen. “Andy has worked on modular design and execution of four major global LNG projects: Qatargas NFE LNG, Cameron LNG, INPEX-Ichthys LNG and British Gas QCLNG. His contribution to modularization in Canada is well recognized, and, he has significant exposure to major module yards in Asia.
“I have every confidence Andy will lead Goldboro LNG through the open book estimate and deliver a lump sum turnkey EPCC contract for the Project to prepare us for a positive final investment decision next year,” concluded Sorensen.
2020/08/12 – PIERIDAE ANNOUNCES SECOND QUARTER RESULTS
Solid Results During Ongoing Pandemic & Challenging Market Conditions
Highlights:
Revenue of $68.6 million in Q2 2020, an increase of $55.2 million or 412% compared to Q2 2019
Net operating income[1] (“NOI”) increased by $21.2 million or 1,101% compared to Q2 2019
Adjusted Funds Flow From Operations1 (“AFFO”) increased by $19.0 million or 291% compared to Q2 2019
Q2 2020 average production was 43,791 barrels of oil equivalent per day (“boe/day”), an increase of 28,423 boe/day or 185% compared to Q2 2019
CALGARY, ALBERTA – August 12, 2020 - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) released its Q2 2020 results today, highlighted by the fact the Company continues to deliver solid results quarter after quarter, achieving strong metrics in overall revenue, NOI, AFFO and daily production. Pieridae's unaudited condensed interim financial statements and MD&A are available on our website at www.pieridaeenergy.com and are filed on SEDAR at www.sedar.com.
“We achieved these strong results through our positive hedging strategy, limiting non-essential capital and operating spending and taking active steps to reduce administrative costs,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “As a result of the Alberta Foothills asset acquisition, revenue was up more than 400% year over year on a Q2 basis, production climbed 185%, and we continued to operate our assets safely and reliably.
“I am also pleased to report that we have reached a resolution with KBR following its earlier announcement that it was no longer prepared to negotiate and conclude a lump sum turnkey engineering, procurement, construction and commissioning (“EPCC”) contract for our Goldboro LNG Facility,” added Sorensen. “As part of the resolution, Pieridae acquires the right to transition all of KBR’s work product created to date to a replacement EPCC contractor. We are in the midst of discussions with other firms that have expressed strong interest in concluding a lump sum turnkey EPCC contract for the LNG Facility with Pieridae.”
[1] NOI and AFFO are non-IFRS measures. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See pages 20 and 21 in the Company’s Q2 2020 MD&A.
