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HONG KONG, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH” (TSX Venture:PEH), announced today that Primeline has been granted an interim injunction in relation to the arbitration proceedings it is engaged in against China National Offshore Oil Corp (“CNOOC”) and CNOOC China Limited (“CCL”) (“CNOOC Arbitration”).
As previously announced on November 15, 2017, Primeline applied to the Arbitral Tribunal for urgent interim relief to restrain CNOOC and CCL from giving effect to their purported termination of Petroleum Contract 25/34 and various related agreements on January 15, 2018, until the final award of the Arbitral Tribunal.
The Arbitral Tribunal heard the application for the interim injunction on January 5, 2018 in Singapore and has now issued its written decision granting Primeline’s application for interim measures and ordering CNOOC and CCL not to take any steps to give effect to their purported termination of the Petroleum Contract 25/34 and related agreements, by ceasing to perform their obligations under such agreements, until a Final Award is issued by the Arbitral Tribunal in the CNOOC Arbitration. The hearing of the merits of the CNOOC Arbitration is scheduled for September 2018.
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
Contact:
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang, CEO
PH: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
E-Mail: IR@pehi.com
FronTier Merchant Capital Group
Robin Cook
1411-1 King Street West
Toronto, ON M5H 1A1
PH: (416) 809-1738
FAX: (866) 749-0447
E-Mail: robin@frontiermcg.com
www.frontiermcg.com
Please visit the Company’s website at www.primelineenergy.com. Should you wish to receive Company news via email, please email robin@frontiermcg.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. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Although Primeline obtained the injunction referred to above, 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.