Uncertainty around transfer of Shell assests to PieridaeHere is an except for a March 26, 2020 letter Shell sent to the Alberta Energy Regulator. As of today the Shell's application to transfer its Waterton, Jumpingpound and Caroline assets to Pieridae is on hold pending the outcome of the AER's deliberations on the transfer, which include whether to conduct a public hearing and whether Pieridae has the technical and financial resources to handle the environmental liabilities, now including the existing liabilities for ground water contamination at the three gas plants.
"On December 10, 2019 Shell completed submission of all licence transfer applications to the AER for its Foothills assets, which included the Licence. As of March 26, 2020, the AER continues to consider and process the transfer of Shell’s Foothills assets, including the Licence.
Shell is not able to comment on the period of time the AER will take to review the licence transfers. Given this, the fact that the licence transfers have yet to be completed, and the present uncertainty and business disruptions that have resulted from the evolving municipal, provincial and federal response to COVID19 public health crisis, Shell requests a further adjournment of Proceeding ID. 385 (“Proceeding”) until August 31, 2020, pursuant to section 44 of the AER’s Rules of Practice.
In the event that the transfer application for the Licence, remains pending at that time, Shell requests that the AER grant Shell leave to seek further adjournment of the Proceeding at that date."