Primeline Energy Holdings Inc V.PEH.H

Energy Oil & Gas E&P

Primeline Energy Holdings Inc. (Primeline) is a Hong Kong-based company engaged in the exploration of oil and gas properties located in China. The Company owns exploration and development rights in the East China Sea pursuant to two Petroleum Contracts, one in relation to Block 25/34 (Petroleum Contract 25/34) and one in relation to Block 33/07 (Petroleum Contract 33/07). The Company has approximately 36.75% interest in the producing LS36-1 gas field in Block 25/34 which comprises an offshore area of approximately 84.7 square kilometers. Primeline is the operator of the Petroleum Contract with China National Offshore Oil Corporation (CNOOC) for Block 33/07. Block 33/07 covers an offshore area of approximately 5,877 square kilometers (1.45 million acres), enclosing Block 25/34. The Company's subsidiaries include Primeline Energy China Limited (PECL) and Primeline Energy Operations International Limited (PEOIL).

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Primeline Energy Holdings Inc

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Comment by kenbar1on Dec 03, 2014 11:36am

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Post# 23190085

RE:RE:RE:RE:what is it gonna take?

The $205.5 million loan is for our share of the $700M DEVOLOPMENT costs that we owe CNOOC for the infrastructure that has been completed over the past 3 years or so. We paid all the EXPLORATION costs since the beginning and the petroleum contract states that is the responsibility of any company granted exploration rights. Once CNOOC agreed to become a partner in proceeding to development they would be responsible for 51% of all new costs. Hearing that we will be repaid for the exploration costs was a pleasant surprise. Hope this helps.

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