Primeline Energy wins interim injunction against CNOOC
2018-01-12 11:16 ET - News Release
Dr. Ming Wang reports
PRIMELINE GRANTED INTERIM INJUNCTION AGAINST CNOOC AND CCL
Primeline Energy Holdings Inc. has been granted an interim injunction in relation to the arbitration proceedings it is engaged in against China National Offshore Oil Corp. and CNOOC China Ltd.
As previously announced on Nov. 15, 2017, Primeline applied to the arbitral tribunal for urgent interim relief to restrain CNOOC and CCL from giving effect to their purported termination of petroleum contract 25/34 and various related agreements on Jan. 15, 2018, until the final award of the arbitral tribunal.
The arbitral tribunal heard the application for the interim injunction on Jan. 5, 2018, in Singapore and has now issued its written decision granting Primeline's application for interim measures and ordering CNOOC and CCL not to take any steps to give effect to their purported termination of the petroleum contract and related agreements, by ceasing to perform their obligations under such agreements, until a final award is issued by the arbitral tribunal in the CNOOC arbitration. The hearing of the merits of the CNOOC arbitration is scheduled for September, 2018.
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-per-cent contractor's interest in, and is the operator of, the petroleum contract with CNOOC for block 33/07 (4,397 square kilometres) and a 49-per-cent interest in the producing LS36-1 gas field in block 25/34, together with CNOOC (51-per-cent interest and acting as operator). Both blocks are in the East China Sea. LS36-1 has been in production since July, 2014.
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