Pieridae posts loss in Q2 earnings

Monday, 03 September 2018
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Pieridae Energy, the developer of the Goldboro LNG export project in the Canadian Atlantic Coast province of Nova Scotia, has posted widening second-quarter losses as it progresses with the venture that includes selling cargoes to German utility Uniper. 

The second-quarter loss amounted to C$2.71 million (US$2.09M) compared with C$1.57M in the year-ago quarter. For the first half the losses came in at $5.65M versus C$3.63M. Pieridae’s total assets at the end of the second quarter amounted to C$70.59M versus C$74.04M in the same quarter of 2017.

The Calgary-based company said it had embarked on a strategy to consolidate natural gas reserves in key natural gas basins to develop new international markets for Canadian and US natural gas. “Pieridae Energy will continue to seek to build a long-term portfolio of natural gas to supply the Goldboro LNG Project,” it said, noting that owning natural gas reserves is important to provide feed-gas for the Nova Scotia plant at Goldboro to produce 10 mtpa.

Pieridae has signed a 20-year supply agreement with Uniper for 5 MTPA of its production and is expecting German help with underwriting project financing. The company is listed on Toronto’s Venture Exchange and has over 50.54 million shares outstanding. 

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