Hong Kong, November 29, 2016– Primeline Energy Holdings Inc. (“Primeline” or the “Company”) (TSXV: PEH) today announced that it has filed its interim unaudited financial statements for the quarter ended September 30, 2016 and related management discussion and analysis. Copies of these documents may be obtained at www.SEDAR.com under Primeline’s profile or on Primeline’s website at www.pehi.com.
The Company’s results for the quarter ended September 30, 2016 were a loss of RMB48,149,986 (CAD$9,489,554), compared to the loss of RMB 82,071,761 for the same quarter last year. During the quarter, the Company, together with its partner CNOOC, delivered approximately 34.06 million cubic metres (mmcm) of natural gas from the LS36-1 Gas Field (“LS36-1”) to Zhejiang Gas under the Gas Sales Contract. Volumes were 13% higher than the 30.15 mmcm in the previous quarter, and significant improvement over the 16.28mmcm in the same quarter last year. Production since the end of the quarter has been in line with planned levels.
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 LS36-1 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.
“Ming Wang”
Ming Wang
Chief Executive Officer