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Hong Kong, March 18, 2019 – Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, announced today that, as a result of a review by the British Columbia Securities Commission (the “BCSC”), it is issuing the following press release to clarify its disclosure.
A continuous disclosure review conducted by the BCSC identified certain deficiencies in the Company’s Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information contained in the Company’s Annual Information Form for the year ended March 31, 2018 dated July 24, 2018 and in the audit report on the Company’s financial statements for the year ended March 31, 2018 filed on SEDAR.As a result, the Company has today filed a revised Form 51-101F1.The revisions consist largely of inclusion of items to address the requirements of Form 51-101F1, such as descriptions of properties with no attributed reserves, forward contracts and the Company’ tax horizon, and the inclusion of the Company’s prospective resources as of March 31, 2018 as an appendix. The Company has also filed revised audited annual financial statements for the year ended March 31, 2018. The revisions are to the audit report on such financial statements, and consist of changes to indicate that the audit was carried out in accordance with International Standards on Auditing, and to refer to the comparative period for the year ended March 31, 2017. There have been no changes to any line items or amounts in the financial statements.
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.
Chief Executive OfficerContact:
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang, CEO
PH: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
FronTier Merchant Capital Group
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 may 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.Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
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 news release