Pieridae Energy Limited reaches project milestones

HALIFAX, Dec. 17, 2015 /CNW/ - Pieridae Energy (Canada) Ltd. (Pieridae) continues to meet major milestones with their proposed Goldboro LNG processing facility, including the purchase of the project site and a new partnership and appointee to the board.

On December 3, 2015 Pieridae acquired approximately 107.5 hectares (265.6 acres) of land from the Municipality of the District of Guysborough (MODG). This property is located in the Goldboro Industrial Park and will serve as the site for the proposed LNG Facility. The cost of this purchase was financed by the Bank of Nova Scotia in Halifax.

Pieridae has also entered into a community benefits agreement with MODG. Under this agreement Pieridae will offer contracts of employment and procurement to persons who are residents of MODG, or who are Indians under the Indian Act (Canada), and are qualified and able to fulfill the obligations of the contracts. The latter commitment is consistent with the community benefits agreement that is currently under negotiation with Kwilmu'kw Maw-klusuaqn also known as Mi'kmaq Rights Initiative in Nova Scotia.

"We've had a wonderful relationship with the Municipality of Guysborough, right from the beginning," said Pieridae President and CEO, Alfred Sorensen. "We're so pleased to have acquired the land for the project and to have the benefits agreement in place. It solidifies our commitment to the community and brings us closer to our final investment decision."

In another significant development, Matt Rees, President of ORLEN Upstream Canada Ltd. (ORLEN), has been appointed to the Pieridae board of directors. Mr. Rees has experience in onshore and offshore operations in both Europe and North America.

ORLEN recently acquired Kicking Horse Energy Inc. and consequently now owns 10.7% of the shares in Pieridae. ORLEN is a wholly owned subsidiary of PKN ORLEN S.A., the largest petroleum corporation in Poland and one of the largest in Central and Eastern Europe, with approximately C$35 billion in consolidated revenue in 2014. This new relationship with ORLEN expands Pieridae's reach, both in the potential supply of North American natural gas and the potential offtake of LNG produced from the Goldboro LNG project.

"The location of the Goldboro LNG is strategic and aligns with our goals of connecting North America and Europe's energy markets," said Matt Rees about the acquisition. "I'm pleased to be on the board and look forward to working to helping guide the project forward."

Pieridae will continue to work with partners, including E.ON and Chicago Bridge and Iron (CB&I) through front-end engineering and design (FEED), with the final investment decision expected in late 2016.

About Pieridae Energy Limited

Pieridae Energy Limited is an energy infrastructure development company focused on LNG opportunities. Founded in 2011, the company, through Pieridae Energy (Canada) Ltd., Pieridae Energy (USA) Ltd., and its other operating subsidiaries, is developing a fully integrated LNG infrastructure business. For additional information regarding the Goldboro LNG project, refer to: www.GoldboroLNG.com.

 

SOURCE Pieridae Energy Canada

For further information: Sarah Simpson, NATIONAL Public Relations, Tel: 902.332.8044, Email: ssimpson@national.ca


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