Coastal GasLink Project Receives Approval

FORT ST. JOHN, B.C., Oct. 02, 2018 (GLOBE NEWSWIRE) -- Macro Enterprises Inc. (TSXV:MCR) (“Company” or “Macro”) is pleased to confirm receipt by TransCanada of an unconditional positive Final Investment Decision (“FID”) from LNG Canada.  A positive FID was a required condition in the contract that was executed by Macro Spiecapag Joint Venture and Coastal GasLink Pipeline Limited Partnership in June 2018. 

As previously announced, Macro along with its Joint Venture Partner, Spiecapag Canada Corp. will construct 2 sections of approximately 166 kilometers of a 48-inch pipeline. The proposed pipeline will deliver natural gas from the Dawson Creek area of northern B.C. to a facility near Kitimat, B.C., where it will be converted to a liquid form for export by LNG Canada. Once constructed, Coastal GasLink will become a critical component of Canada’s natural gas pipeline infrastructure, connecting our abundant, low-cost natural gas resources to global markets.  LNG Canada is a joint venture company comprised of five global energy companies with substantial experience in liquefied natural gas (LNG) – Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS. 

Pre-planning by the Joint Venture commenced in July 2018 and anticipates construction to begin Q1 of 2019, subject to a notice to proceed from TransCanada Corporation.  The initial estimated contract value is in excess of CAD$900 Million with a Joint Venture split of 40/60 between Macro and Spiecapag.  In general, the civil work will be performed under a reimbursable type contract model while the mechanical scope will be performed under unit rates.  At peak construction, the Project will employ over 900 personnel while providing numerous subcontracting opportunities for local and indigenous businesses. 

The Company

Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry within Canada.  The Company’s corporate office is in Fort St. John, British Columbia.  Its shares are listed on the TSX Venture Exchange under the symbol MCR.  Information on the Company’s principal operations can be found at www.macroindustries.ca 

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the expected notice to proceed which is an underlying requirement for the Company to commence work on the Project (as defined above) and the expected Project value.  Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, remaining uncertainty relating to notice to proceed with work on the Project, and the Company's ability to obtain any necessary permits, consents or authorizations required for its planned activities. Readers are referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com).  Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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