It’s a big step for a company looking to bring heavy industry to the area.
Pieridae Energy, the company behind the Goldboro LNG project, recently announced they entered into an agreement to acquire all of the issued and outstanding shares of Ikkuma Resources. Mark Brown, vice president of business development with Pieridae, said the agreement represents a significant portion of the gas supply necessary to satisfy contractual obligations to German utility Uniper, with which Pieridae has a 20-year agreement to sell five million tonnes of LNG annually.
Brown said the agreement will be subject to approval, with Ikkuma shareholders voting on the deal in the fourth quarter of 2018.
An important development for a Calgary-based company that’s hoping to build an Liquefied Natural Gas export facility in Goldboro, Guysborough County. Pieridae Energy says it’s entered into an agreement to acquire all of the issued and outstanding shares of Ikkuma Resources. Ikkuma holds extensive producing natural gas and gas-prone reserves primarily in the central Alberta foothills. Pieridae officials say the acquisition boosts the company’s strategic positon in North America as a fully integrated enterprise, from production of upstream natural gas reserves and resources to the production of LNG for sale to its customers in Europe. The natural gas reserves held by Ikkuma can be developed without hydraulic fracturing.
Pieradae CEO Alfred Sorensen says this purchase begins the company’s last steps towards reaching the final investment decision.
Ikkuma shareholders will vote on the acquisition in October. The deal is expected to close during the fourth quarter of this year.
There’s been a merger involving the company behind the proposed liquefied natural gas export facility in Goldboro, Guysborough County. Calgary-based Pieridae Energy has announced it has entered into an agreement to amalgamate with Petrolia, a junior oil and gas company in Quebec.
Pieridae’s President and CEO Alfred Sorensen says it has been a private company up to now and it limited the company’s ability to raise capital. Sorenson says merging with a public entity like Petrolia will be helpful as it moves closer to construction.
The deal is expected to close by the middle of July.
The proposed Pieridae LNG export facility in Goldboro, Guysborough County has reached another milestone. A Special Needs Collective Agreement was ratified and signed last week by the Nova Scotia Construction Labour Relations Association and 85 per cent of the building trades expected to be involved in the plant’s construction.
The agreement still needs the approval of the Labour Board. Pieridae’s Director of Project Development, Mark Brown says the agreement gives Pieridae a higher degree of cost certainty during the construction phase. Brown says it’s exploring other issues before making a final decision.
The plant will have the capability of producing up to 10 million metric tons of LNG a year.
A proposed Liquefied Natural Gas export facility in Goldboro, Guysborough County has taken another significant step. Last month, Pieridae Energy (Canada) Limited purchased 107 and a half hectares of land from the Guysborough District Municipality for 3.2 million dollars. The property, at the Goldboro Industrial Park, will serve as the site for the facility.
Pieridae’s Director of Project Development Mark Brown says a final decision on proceeding with the project will be made later this year.
Starting in April, Pieridae will also lease another 57.6 hectares from the municipality. It’s next to the site the company has purchased and will be used during construction of the LNG facility. If the final decision to proceed is yes, construction is expected to begin early next year.