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Pieridae announces 1Q results

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LNG Industry,

Pieridae Energy Ltd. has filed its 1Q unaudited condensed interim financial statements and related management’s discussion and analysis (MD&A) for the first three months of 2019.


On 4 February 2019 Pieridae signed a benefits agreement with the Assembly of Nova Scotia Mi’kmaq Chiefs. The agreement means the Mi’kmaq will benefit economically as the Goldboro LNG facility is developed, built and begins operations.

On 28 February 2019, Pieridae completed a brokered and non-brokered private placement of the company’s common shares at a price of US$2.00 per share. After giving effect to both the brokered and non-brokered tranches of the private placement, the company issued 9.55 million commons shares for gross proceeds of US$19.1 million.

On 1 April 2019, the company announced that it had engaged Kellogg Brown & Root Limited (KBR) to perform a review of an amended version of the previously prepared front-end engineering and design study for its proposed Goldboro LNG Facility. KBR will also conduct an open book estimate necessary for entering into a lumpsum engineering, procurement and construction contract. The total cost for this contract is expected to be approximately US$13.0 million. The proposed activities are expected to occur over the next nine months.

CEO comments

“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 finalise 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.”

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