Canada’s Pieridae Energy reports improved operating income
Canada’s Pieridae Energy reported “solid” increases November 10 in oil and gas revenues and adjusted funds flow from operations (AFFO) in Q3 2021 but a net loss of C$14.8mn (US$11.8mn) for the period, about half the C$29.8mn loss reported a year ago.
Net operating income increased to C$17.9mn from a loss of C$646,000 in Q3 2020.
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Oil and gas revenue in Q3 2021 increased to C$77.1mn from C$48.4mn, reflecting “significant” increases in realised prices for natural gas, condensate and natural gas liquids. Cash flow from operating activities increased to C$6.9mn from negative cash flow of C$4.5mn a year ago, while AFFO rose to C$11mn from negative AFFO of C$6.8mn.
Natural gas production averaged 191.4mn ft3/day in Q3 2021, up from 184mn ft3/day in the comparable 2020 period.
Pieridae CEO Alfred Sorensen said a strategic review of the company by Peters & Co is “progressing”, as is an analysis of options to reconfigure the stalled 8mn mt/yr Goldboro LNG project in Nova Scotia.
“We are in the midst of a detailed analysis of a potential floating LNG project, one that would produce net-negative GHG emissions, provide a bridge fuel to countries eager to switch from coal-fired to natural-gas-fuelled power facilities, provide an opportunity for indigenous reconciliation and create much-needed jobs in Atlantic Canada and Alberta,” Sorensen said.