HONG KONG, CHINA–(Marketwired – Nov. 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 announces that it has commenced the drilling operations of the LS30-3-1 well.
Following the plug and abandon operation of LS23-1-1 announced on October 28, Primeline’s contractor, China Oilfield Service Ltd. (“COSL”), towed the rig HYSY 941 to the LS30-3-1 location on November 4 and successfully jacked up the rig on location on November 7. COSL subsequently completed all the necessary preparation work and Primeline obtained the operation licence. LS30-3-1 well was then spudded on November 13 and drilling is ongoing.
LS30-3-1 is located approximately 20km north of the LS36-1 gasfield platform and is targeting a large channel sand prospect. The planned total depth of the well is 1,800m, targeting the same reservoir as that of the LS36-1 gasfield. The drilling time is anticipated to be around 25 days. The drilling of LS30-3-1 is part of the 2 well exploration drilling programme by Primeline in 2015 as part of the rolling development programme anchored on the LS36-1 production.
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 (5,877sq 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.
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. These statements relate to Primeline’s expectation that the drilling of the LS 30-3-1 well will last around 25days. They are based on assumptions (among other things) that operation will be carried out smoothly, and that weather and sea conditions will be favourable for drilling. Although management believes these assumptions to be reasonable. Actual results may vary from those anticipated in such statements. Weather and sea conditions may change. 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.
Primeline Energy Holdings Inc.
Dr. Ming Wang
+44 207.499.2288 (FAX)
Toll Free: +1 877.818.0688
CHF Investor Relations
Toll Free: +1.877.838.1079 (FAX)
VSA Capital Limited
Head of Corporate Finance