RE:RE:RE:RE:RE:RE:RE:RE:Shell Transfer Applications Set for an AER Public Hearing Everything with Pieridae is smoke and mirrors. The reverse take-over of Petrolia was a quick way to go public, but they justified it on the basis of Goldboro being supplied by Quebec gas. There was never any gas in Quebec, the reserves reports were all "contigent resources".
Then came the Ikkuma acquisition. It was a first attempt at becoming cash-flow positive, justified by saying that Ikkuma's gas could be produced without fraking, a condition imposed by the Germans. Pieridae tried to convince everyone that owning the gas was part of their strategy. Why would you want to own gas when it's negative? Ikkuma was a fiasco, made worse by keeping its senior staff on board.
The Shell acquisition was a second attempt to get some cashflow, and it's turning into a bigger fiasco than Ikkuma. Why on earth would any company want to be a sour gas producer in the Foothills?
Cash flow is key for Pieridae as its quest for regulatory approval keeps dragging on. Sorenson is into year 8, and still no closer to FID. He's had multiple EPC contractors turn down the project. Commiting to a $10 billion fixed price contract is just too risky for anyone, especially in a union rich environment like Canada. Now there's rumours that the federal government will require an environmental assessment. I highly doubt that Bechtel will come back with a reasonable proposal in the coming weeks.
Then there's the issue of pipelines. Has Pieridae ever produced proof that it had the required permits to expand the system?
Watching this saga has been entertaining to say the least. Not since Compton have we witnessed so a slow-motion crash into the mountainside.