Primeline Energy Holdings Inc.
TSX VENTURE : PEH

Primeline Energy Holdings Inc.

July 02, 2014 13:55 ET

Primeline Energy Holdings Inc.: LS36-1 Gas Field Development Completed

HONG KONG, CHINA--(Marketwired - July 2, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES

Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced that the development of its LS36-1 gas field ("Development") has been completed and it is ready for commissioning and first gas production.

As previously announced, the last part of the development work was the laying of the last 3 km of the gas sales pipeline, connection to the provincial gas grid and final commissioning. The construction of the final 3 km of gas sales pipeline was completed on 26th June 2014 and CNOOC, as operator, has confirmed that the final connection to the facility of the downstream buyer, Zhejiang Provincial Gas Development Co. was completed on July 1 2014. The final joint commissioning programme is in the process of being agreed by CNOOC and Zhejiang Gas and it is expected that trial gas production will start soon. A separate announcement will be made when gas production commences.

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 and is the operator of the petroleum contract with CNOOC for Block 33/07 (5,877sq km) in the East China Sea and a 36.75% interest in the LS36-1 gas field in Block 25/34 which is being developed by CNOOC Limited (acting as Operator for the development) together with Primeline and Primeline Petroleum Corporation. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.

ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.

Ming Wang, Chief Executive Officer

Please visit the Company's website at www.pehi.com. should you wish to receive Company news via email, please email bren@chfir.com 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 expected date for the commencement of gas production. They are based on assumptions that joint commissioning of the production facility will be completed on a timely basis, and that gas production will commence soon. The joint commissioning may not be completed on a timely basis, the first gas production may exceed those expected. 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
    CEO
    +44 207.499.8888 or Toll Free: 1.877.818.0688
    +44 207.499.2288 (FAX)
    IR@pehi.com

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

    VSA Capital Limited
    Andrew Raca
    Head of Corporate Finance
    +44 203 005 5000
    ARaca@vsacapital.com