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Hong Kong, November 21, 2017 – Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, announced today the following update.
As previously announced on November 15, 2017, Primeline has requested the arbitral tribunal to set a hearing date at the earliest practicable time for an application for urgent interim relief from the arbitral tribunal to restrain CNOOC and CCL from giving effect to their purported termination of Petroleum Contract 25/34 on January 15, 2018. The arbitral tribunal has now responded and confirmed that it will hear the application for an interim injunction and the hearing date has been fixed for January 5, 2018.
A further announcement will be made following the hearing of the application.
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 firstname.lastname@example.org 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. These statements relate to Primeline’s belief that it will be successful in obtaining an injunction restraining CNOOC and CCL from giving effect to the purported termination of the Petroleum Contract 25/34 on January 15, 2018, that it will ultimately be successful in the CNOOC Arbitration, and that Primeline’s banking Syndicate will not demand immediate repayment of all amounts owed under the project facility. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Primeline may not obtain the injunction it is seeking, and if not CNOOC and CCL’s termination of Petroleum Contract 25/34 as of January 15, 2008 will be effective. If Primeline does obtain the injunction it is seeking, it may nevertheless ultimately be unsuccessful in the CNOOC Arbitration. If it is successful, Primeline may not be able to enforce the award of the arbitral tribunal. In any of these events, Primeline’s banking Syndicate may demand immediate repayment of all amounts owed under the project facility. This would likely result in Primeline’s insolvency, and seizure of its assets, 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.