Update on Award in CNOOC Arbitration
Primeline Energy Holdings
” or the
”), listed on the TSX Venture Exchange
under the trading symbol “PEH”, is announcing an update regarding
its previously announced arbitration with China National Offshore
Oil Corp. and CNOOC China Ltd. (the “CNOOC
Primeline announced in its press release of
January 9, 2020, that based upon communications between its lawyers
in the CNOOC Arbitration and the arbitral tribunal, the tribunal
anticipated the final award would be ready to be transmitted to the
parties by the end of February, 2020. Primeline has now
received further communication from the tribunal, which has advised
that it now anticipates that the award will be ready for
notification to the parties within the next 30 days.
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
Primeline Energy Holding Inc.Andrew Biggs, CEO
PH: +44 207.499.8888 Fax: +44 560 372 5179
Toll Free: 1.877.818.0688 E-Mail: IR@pehi.com
Please visit the Company’s website
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.