HONG KONG, CHINA–(Marketwired – Sept. 16, 2015) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRES SERVICES, OR DISSEMINATION IN THE UNITED STATES.
Primeline Energy Holdings Inc. (“Primeline” or the “Company”) (TSX VENTURE:PEH) today announced that its drilling contractor China Oilfield Service Ltd. (COSL) has started the mobilization of the rig for the drilling operation of LS23-1-1 well.
Following the signing of the drilling contract by Primeline with COSL as announced on August 17, 2015, COSL has completed the site survey of the well locations and other preparations for the drilling operations, including the applications for the required operation permits. Primeline held a pre-spud meeting with COSL and all main subcontractors on September 14. COSL started to tow drilling rig HYSY941 toward the well LS23-1-1 location on the evening of September 15. The towing operation is expected to last three to five days, subject to weather and sea conditions, followed by jack up, with drilling operations expected to commence around September 22.
The COSL HYSY941 is a self-elevating jack up rig built in 2006 by Dalian Shipbuilding. The rig has a maximum drilling depth capacity of 9,150 m and is capable of operating in up to 122 m water depth. The rig can accommodate 145 personnel and has full international certifications.
An update will be announced when drilling commences.
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 (5,877 sq 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 located 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.
Ming Wang, Chief Executive Officer
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.
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.
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
VSA Capital Limited
Head of Corporate Finance
+44 203 005 5000