Update on Award in CNOOC Arbitration
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HONG KONG, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, is announcing an update regarding its previously announced arbitration with China National Offshore Oil Corp. (“CNOOC”) and CNOOC China Ltd. (the “CNOOC Arbitration”).
As announced in Primeline’s press release of May 21, 2019, the arbitral tribunal had at that time indicated that the final award in the CNOOC Arbitration was expected “before the end of the summer”. The award has not yet been received and so Primeline’s lawyers in the CNOOC Arbitration have been in further contract with the tribunal. On the basis of the tribunal’s response, Primeline now believes the award is unlikely to be received until after the New Year.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China natural resources under petroleum contracts with CNOOC in the East China Sea. LS36-1 Gas Field 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 “Andrew Biggs”
Chief Executive Officer
Contact:
| Primeline Energy Holding Inc. | FronTier Merchant Capital Group |
| Andrew Biggs, CEO PH: +44 207.499.8888 Fax: 9 Toll Free: 1.877.818.0688 E-Mail: | Robin Cook 1411-1 King Street West Toronto, ON M5H 1A1 PH: +1 (416) 809-1738 FAX: +1 (866) 749-0447 E-Mail: |
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 Primeline’s expectation that it will ultimately be successful in the CNOOC Arbitration, and that the banks(the “Syndicate Banks”) which have provided Primeline’s project financing for the LS 36-1 development (the “Syndicate Facility”) will continue to take no enforcement action as a result of Primeline’s previously announced default under the Syndicate Facility pending the making of the award in the CNOOC Arbitration. 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 be successful in the CNOOC Arbitration, and if it is successful Primeline may be unable to enforce the award of the tribunal. The Syndicate Banks may take enforcement action prior to the making of the award in the CNOOC Arbitration. Any of these events may result in Primeline’s insolvency, and seizure of Primeline’s assets. Primeline assumes no obligation to update forward-looking information, except as required by law. 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 release.
