Hong Kong, September 11, 2020 - Primeline Energy Holdings Inc. (“Primeline” or the “Company”), announces that it has applied in the High Court of the Republic of Singapore to set aside the award in its previously announced arbitration with CNOOC and China National Offshore Oil Corporation (the “Award”) on the basis of procedural breaches leading to a breach of the rules of natural justice.No date for a hearing of the application has been fixed.
Primeline also announces that as a result of the previously announced cease trade order issued against it by the British Columbia Securities Commission, trading in its shares on the TSX Venture Exchange has been suspended.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China natural resources under petroleum contracts with CNOOC in the East China Sea. The LS36-1 Gas Field has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Signed “Andrew Biggs”
Chief Executive Officer
Primeline Energy Holding Inc.
Andrew Biggs, CEO
PH: +44 207.499.8888
Fax: +44 560 372 5179
Toll Free: 1.877.818.0688
Please visit the Company’s website at www.primelineenergy.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline.These statements relate to Primeline’s ability to continue operations, and Primeline’s expectations regardingthe outcome of the application to set aside the Award. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.The syndicate of banks which provided finance for Primeline’s share of the development cost for the LS 36-1 Gas Field may realize on its security interest over Primeline’s interest in the LS 36-1 Gas Field, and if it does that will result in the seizure of all of Primeline’s material assets, in which event Primeline will be unable to continue operations.Primeline’s application to set aside the Award may not be successful, and if it is not the Award will remain in place, and an order for costs may be made against Primeline.Primeline assumes no obligation to update forward-looking information, except as required by law.Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.