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    PEA   CA7207861021

PIERIDAE ENERGY LIMITED

(PEA)
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Pieridae Energy : Goldboro LNG builder Pieridae proposes carbon capture and power project in Alberta

05/27/2021 | 02:55pm EDT

CALGARY — The company behind a proposed liquefied natural gas export facility in Nova Scotia is planning a power plant and carbon capture facility at its central Alberta natural gas processing plant that will help offset its LNG project's future carbon emissions.

CEO Alfred Sorenson of Pieridae Energy Ltd. says its proposed Caroline Carbon Capture Power Complex resulted from research into ways that its Goldboro LNG project can achieve net-zero emissions status by 2050.

He says the project answers recent criticism in Nova Scotia that Pieridae doesn't have a carbon emissions plan that would be acceptable to the European buyers of LNG it's targeting.

Sorenson says details such as capital cost of the new project are lacking because a partner is deciding how big the natural gas-fired power plant will be and that will determine how much carbon can be captured and stored underground.

He says the potential partner — "a player on the power side" — is expected to officially join the project in two weeks, adding Pieridae's announcement was made Thursday in part to coincide with its annual general meeting.

Sorenson says the project would be able to store up to three million tonnes of carbon per year, which is roughly equal to the amount of emissions to be produced from the LNG project. He says the power plant would produce as much as 900 megawatts if three proposed phases are built.

"Part of the reason why we wanted to make the announcement now is because it shows that we do have a carbon strategy that meets European needs for a carbon neutral LNG facility," said Sorenson.

A final investment decision to proceed with Goldboro has been delayed several times.

This report by The Canadian Press was first published May 27, 2021.

Companies in this story: (TSX:PEA)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2021 - - -
Net income 2021 - - -
Net Debt 2021 249 M 199 M 199 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 52,8 M 42,4 M 42,3 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees 289
Free-Float 74,2%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 0,34 CAD
Average target price 0,55 CAD
Spread / Average Target 64,2%
Managers and Directors
Alfred B. Sorensen President, Chief Executive Officer & Director
Robert Dargewitcz Chief Financial Officer
Myron Arthur Tétreault Chairman
Darcy Reding Chief Operating Officer
Charles Boulanger Independent Director
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