Pieridae Negotiates Extensions of Key Deadlines in Its Long-Term LNG Agreement With Uniper

CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) — Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) today announced it has negotiated extensions of the key deadlines under its 20-year agreement with German utility Uniper. These include expected commercial deliveries of gas to Uniper to start between November 30^th, 2024 and May 31^st, 2025; and the extension to September 30, 2020 of the deadline to make a positive financial investment decision (FID) for the Company’s proposed Goldboro LNG facility. The 20-year agreement with Uniper is for half the liquefied natural gas produced at Goldboro or 5 mmtpa (million tonnes per annum).

A redacted copy of the agreement and a copy of the recent amendment are available on SEDAR which have been filed as “other material contracts” and “other material contacts (amended)”, respectively.

“These extensions allow us to complete the work needed to make a final investment decision for the Goldboro Project,” said Pieridae CEO Alfred Sorensen. “We continue to have ongoing discussions with KBR that will ultimately lead to finalized designs and fixed costs for the project. We expect the vast majority of that work to be completed near the end of 2019, which will move us closer to FID.”

KBR (Kellogg, Brown & Root Limited) is currently reviewing 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. The company expects to ship first gas overseas to meet the expected global LNG shortfall in 2023/2024.

“Our recent announcement that we will be acquiring key Shell assets in the Alberta Foothills helps us secure much of the remaining conventional natural gas supply needed for the first train at Goldboro,” added Sorensen. “This is Eastern Canada’s only LNG facility with the majority of its permits, a pipeline route and an anchor customer. Goldboro LNG will create thousands of Canadian jobs and establish a solid global market for Canadian energy for years to come.”

About Pieridae
Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets.  Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 86,713,714 common shares issued and outstanding which trade on the TSX Venture Exchange (PEA).