Pieridae Energy had strong financial results in 2024 but plans to reduce expenses in 2025.

From GlobeNewswire: 2025-03-19 20:11:10

Pieridae Energy Limited has released its fourth quarter and full year 2024 financial and operating results, showing a net operating income of $64.6 million and production of 27,763 boe/d in 2024. The company’s 2024 NI 51-101 Proved Developed Producing PV10 value is $621.4 million. Pieridae’s 2025 priorities include repositioning its sulphur business and working towards a commercial solution to consolidate shut-in raw gas. The company also completed a hedge monetization transaction for net proceeds of $10.2 million. Pieridae’s 2025 guidance includes a total production of 23,000 to 25,000 boe/d.

In 2024, Pieridae generated NOI of $64.6 million and produced 27,763 boe/d, with a net loss of $38.9 million. The company settled a convertible bridge loan for $24.0 million and completed a $29.0 million equity rights offering. Pieridae’s 2024 reserve life index increased to 25.1 years, and the company hedged 110,000 GJ/d of its 2025 natural gas production at a weighted average fixed price of $3.32/GJ. Pieridae’s 2025 priorities include minimizing facility outages, reducing operating expenses, and delivering attractive ROI on optimization projects.

Pieridae’s 2025 capital budget of $25 to $30 million includes high-impact well and facility optimization expenditures. The company is not planning to resume drilling operations in 2025 due to the outlook for North American natural gas prices. Pieridae’s hedge portfolio includes 110,000 GJ/d of natural gas production hedged for 2025 at a weighted average fixed price of $3.32/GJ. The company’s hedge position is in compliance with the requirements of the senior loan agreement. Pieridae’s 2025 guidance includes a total production of 23,000 to 25,000 boe/d.



Read more at GlobeNewswire: Pieridae Releases Q4 and Full Year 2024 Financial &