HONG KONG, CHINA--(Marketwired - March 31, 2014) -
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Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced that its contractor, China Oilfield Services Ltd. (COSL), has commenced the 3D seismic survey in Block 33/07, East China Sea.
As announced in December 2013, Primeline signed a turnkey contract with COSL for a 600sq km 3D seismic survey in Block 33/07 ("the Survey") as part of its rolling development and exploration programme. Due to delays incurred in COSL's preceding work, the 3D seismic survey vessel, Hai Yang Shiyan 718, arrived at Primeline's location on March 30, 2014, later than anticipated, and the vessel started deploying the streamer for Survey on March 31, 2014.
The Survey is estimated to last around 50 days, subject to weather and fishing activities in the area. A further announcement will be released when the Survey is completed and processing commences.
Primeline has existing 3D seismic data covering the LS36-1 gas field development and its immediately surrounding prospects. The area now being surveyed is located to the north of and adjacent to this existing 3D seismic data area. The Survey is intended to provide better definition of the prospects and leads that have been identified in the survey area using 2D data, in order to generate more drillable prospects.
In the meantime, the LS36-1 gas field development is progressing well with CNOOC Limited, as operator, working on the final connection to allow the production to commence soon. Based on current information from CNOOC, the target for first gas remains around mid-2014.
About Primeline Energy Holdings Inc.
Primeline is an exploration and development company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75% Contractor's interest in and is the operator of the petroleum contract with CNOOC for Block 33/07 (5,877sq km) in the East China Sea and a 36.75% interest in the LS36-1 gas field in Block 25/34 which is being developed by CNOOC Limited (acting as Operator for the development) together with Primeline and Primeline Petroleum Corporation. 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, Chief Executive Officer
Please visit the Company's website at www.pehi.com. should you wish to receive Company news via email, please email bren@chfir.com and specify "Primeline Energy" in the subject line.
Forward-Looking Statements
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 the time in which the Hai Yang Shiyan 718 is expected to complete the Survey, .which is based on the assumption that the Turnkey Contract will be completed on a timely basis which may not be the case. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
Neither 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.