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Hong Kong, September 25, 2018 – Primeline Energy Holdings Inc. (“Primeline” or the “Company”), today announced the following update on the arbitration proceedings against China National Offshore Oil Corp (“CNOOC”) and CNOOC China Limited (“CCL”) (“CNOOC Arbitration”).
As previously announced Primeline commenced the CNOOC Arbitration under the dispute resolution provisions of Petroleum Contract 25/34 in accordance with the UNCITRAL Arbitration Rules 1976. The tribunal (comprised of three arbitrators) was formed on August 30, 2016 with the seat of arbitration being agreed to be in Singapore. Following completion of the arbitration procedure, with each party submitting two rounds of pleadings over the past 2 years, the hearing of the CNOOC Arbitration took place in Singapore between September 10-20, 2018. The parties are now required to submit final written submissions following which the tribunal will make its decision. It is anticipated that the tribunal will take for several months to finalise and deliver its decision.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China natural resources to become a major supplier of gas and oil to the East China market. Primeline has a 100% Contractor’s interest in, and is the operator of, the petroleum contract with CNOOC for Block 33/07 (4,397sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are in the East China Sea. LS36-1 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 “Ming Wang”
Chief Executive Officer
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang, CEO
PH: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
Please visit the Company’s website at www.primelineenergy.com. Should you wish to receive Company news via email, please email email@example.com and specify “Primeline Energy” in the subject line.
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline.Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.
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.