Pieridae highlights Goldboro LNG progress in year-end report

CALGARY – Pieridae Energy released its 2018 financial and operating report on April 24, highlighting the fact it took some key steps forward last year in advancing its Goldboro LNG project. In 2018, the company was issued a permit to construct the facility, received US$1.5 billion in additional conditional loan support from the German Government, closed its purchase of Ikkuma Resources to obtain a portion of the supply of natural gas for Goldboro’s first LNG facility (Train 1), and signed a sale and purchase agreement to supply Europe with additional LNG from Goldboro’s second facility (Train 2).

“I am pleased with the progress we made in 2018 on the Goldboro project. Pieridae has Eastern Canada’s only fully permitted LNG facility with gas supplies, a pipeline route and an anchor customer – it is truly shovel ready,” said Alfred Sorensen, Pieridae’s Chief Executive Officer. “The project will create thousands of jobs across the country and establish a solid global market for Canadian natural gas for years to come.”

With respect to Pieridae’s share price, Sorensen said: “Pieridae’s share price has been under pressure as overall performance in the energy sector experienced difficulties in 2018...We recognize with projects the size of Goldboro, a number of stakeholders do not have the same timelines as Pieridae. If we continue to demonstrate progress towards a positive investment decision on Goldboro and begin construction activities, we’re confident we will continue to lessen the gap in value of where our shares currently trade versus the true value of our company.”