Primeline Energy Holdings Inc.

Primeline Energy Holdings Inc.

June 06, 2012 08:30 ET

LS36-1 Gas Development EIA Approved by Government

HONG KONG, HONG KONG--(Marketwire - June 6, 2012) -


Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced that Primeline and CNOOC Ltd. ("CNOOC") have received formal approval of the environmental impact assessment report ("EIA") relating to the development of the LS36-1 gas field ("the Development") from the State Oceanic Administration ("SOA").

The SOA had previously approved the routing of pipeline for the Development. The Safety Assessment and Occupational Hazard Assessment of the Development have also been approved by relevant government departments.

The EIA approval paves the way for the final regulatory approval required for the Development, namely approval of the Overall Development Program ("ODP"). Primeline expects that CNOOC will submit the ODP for confirmation by the National Reform and Development Committee shortly and Primeline will make a separate announcement when such submission is made.

In the meantime, CNOOC, as the Development Operator, has stepped up preparation work on the Development. Major construction contracts have been signed and fabrication of the platform and work on the pipeline are proceeding smoothly. The Development is currently on schedule for first production expected to be around Q3 2013.

About Primeline Energy Holdings Inc.

Primeline is an exploration and development company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75% Contractor's interest in the petroleum contract with CNOOC for Block 25/34 in the East China Sea, or a 36.75% interest in the LS36-1 gas field in Block 25/34 which is being developed by Primeline together with CNOOC (acting as Operator for the Development) and Primeline Petroleum Corp. ("PPC"). Primeline and PPC have also secured a new exploration Block 33/07 covering 5,877 sq km of offshore area surrounding the LS36-1 gas field development area. CNOOC is proceeding with the Development and Primeline is leading the exploration effort currently focused on the prospects in the 3D seismic data area where a number of high potential prospects near the LS36-1 Development have been mapped and where the LS35-3-1 discovery (drilled in 2010) is located. The new LS35-3-1 discovery and previously drilled wells in and around Block 33/07 encountered oil and gas shows and flows indicating that there is significant hydrocarbon potential in the remainder of the Block. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol PEH.


Ming Wang, Chief Executive Officer

Please visit the Company's website at Should you wish to receive Company news via email, please email and specify "Primeline Energy" in the subject line.

Forward-Looking Statements

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 the receipt of final regulatory approval for the Development, and first production from the LS36-1 gas field. Actual results may vary from those anticipated in such statements. Final regulatory approval may be received later than anticipated, or not at all. Gas may first be produced from the field at a later date, or not at all. If regulatory approval is delayed or ultimately not obtained, or gas is produced later than expected or is not produced, revenues from the sale of such gas may be realized later than presently anticipated, or not realized at all. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.

Neither 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.

Contact Information

  • Primeline Energy Holdings Inc.
    Dr. Ming Wang
    +44 207.499.8888 or Toll Free: 1.877.818.0688
    +44 207.499.2288 (FAX)

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    +1 416.868.1079 ext. 228
    +1 416.868.6198 (FAX)