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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Meridian Energy Ltd    MEL   NZMELE0002S7

MERIDIAN ENERGY LTD (MEL)
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Meridian Energy : seeks dismissal of PSC complaint

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08/10/2018 | 07:20pm CEST

Aug. 09--Meridian Energy CEO William Prentice says the company no longer plans to build the Davis Refinery in stages, instead constructing the project in a single phase to refine 49,500 barrels of oil per day.

Prentice made the statement in an affidavit filed Wednesday with the North Dakota Public Service Commission along with a motion that seeks to dismiss a complaint against the company.

The Environmental Law & Policy Center and the Dakota Resource Council allege that Meridian is attempting to circumvent state law by building the refinery in stages to avoid scrutiny of the Public Service Commission. The complaint seeks to stop construction of the refinery until the company receives a siting permit from the PSC, which regulates refineries that process 50,000 barrels of oil per day.

Previously, Prentice told the PSC the company was designing a refinery capable of processing 27,500 barrels per day, with the potential for expansion in the future. Permit applications and statements to investors have referenced a capacity of 55,000 barrels per day.

Now Prentice says in the affidavit that Meridian is finalizing engineering and design plans for a refinery that will process no more than 49,500 barrels per day.

Meridian attorney Lawrence Bender argues in documents filed with the Public Service Commission that the complaint should be dismissed because the company has no plans to expand and hit the 50,000 barrel threshold that would require the regulators' review.

Public Service Commission Chairman Randy Christmann said commissioners will consult with legal counsel to determine the next step to take regarding the complaint.

"We have to really look closely at what the law is, what our jurisdiction is and what our options are and find our way through it," Christmann said.

Refinery opponents have argued that the refinery, which would be 3 miles from Theodore Roosevelt National Park, should have a thorough siting review by the Public Service Commission.

Preliminary site construction is underway near Belfield while this complaint and two lawsuits against Meridian Energy are pending. One lawsuit challenges the North Dakota Department of Health air quality permit and the other challenges the zoning permit from Billings County.

(Reach Amy Dalrymple at 701-250-8267 or Amy.Dalrymple@bismarcktribune.com)

___

(c)2018 The Bismarck Tribune (Bismarck, N.D.)

Visit The Bismarck Tribune (Bismarck, N.D.) at www.bismarcktribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Sales 2019 2 814 M
EBIT 2019 446 M
Net income 2019 298 M
Debt 2019 1 508 M
Yield 2019 6,24%
P/E ratio 2019 24,55
P/E ratio 2020 24,49
EV / Sales 2019 3,37x
EV / Sales 2020 3,43x
Capitalization 7 971 M
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Mean consensus HOLD
Number of Analysts 6
Average target price 3,06  NZD
Spread / Average Target -1,7%
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Christopher John David Moller Chairman
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