Primeline Announces Appointment of One Additional Director and the Amendments to its Stock Option Plan
Primeline Energy Holdings Inc. (“Primeline”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, is pleased to announce the election of one additional director to the board of directors of Primeline and the amendments to Primeline’s stock option plan (the “Plan”) at its Annual General Meeting held September 21, 2006.
The shareholders of Primeline (the “Shareholders”) have elected Yunshi Cao as a new director. Mr. Cao is a lawyer of the People’s Republic of China who recently retired, after a 25 years service, from China National Offshore Oil Corp (“CNOOC”). Before his retirement, Mr. Cao was the general counsel of CNOOC, the parent company of CNOOC Limited (www.cnoocltd.com, NYSE: CEO and HK: 883), from 1999 to 2006, and the general counsel, company secretary and senior Vice President of CNOOC Limited from 2002 to 2006. Mr. Cao was instrumentally involved in the listing of CNOOC limited and its operations and was responsible for the legal and contract department of CNOOC, supervising all the negotiation and implementation of over 200 petroleum contacts and agreements. He was awarded “The Top Ten General Counsel of the National Enterprises of China” by the State Council of China in April 2006.
The Shareholders have approved Primeline’s amended Stock Option Plan which provides that the aggregate number of common shares of Primeline reserved for issuance under the Plan shall not exceed 7,053,000 common shares which is equal to approximately 15% of the issued and outstanding common shares.
Primeline owns a 75% interest in the Petroleum Contract for Block 25/34 in the East China Sea with CNOOC and is also the operator for the Block. Primeline made the gas discovery, Lishui 36-1, in the Block through two wells which had flow rates of 9.9 and 12.6 mmcfd of natural gas, respectively. The Block encompasses 7,006 sq km and contains the Lishui Gas play and many other potential prospects.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
(signed)
“Ming Wang”
Chief Executive Officer
For More Information Please Contact:
Primeline Investor Relations
Tel. + 44 20 7501 0688
Fax. + 44 20 7501 0699
Toll Free: 1 877 818 0688
E-Mail primeline@pilp.com Web Site: www.primelineenergy.com