HONG KONG, CHINA--(Marketwired - Sept. 30, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRES SERVICES, OR DISSEMINATION IN THE UNITED STATES.
Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced with regret that it has terminated its previously announced proposed merger with Loyz Energy Limited due to current market volatility and sentiment. Primeline will continue discussing potential opportunities with Loyz and reiterates its intention to list of its shares independently in Asia in the future.
Dr. Ming Wang, CEO, commented: "We have undertaken constructive and comprehensive discussions with Loyz over the past year and remain hopeful of reaching an agreement with them to work together in future. Both sides see the merits and potential of their respective asset positions, but with extreme market volatility, both companies' boards were unable to conclude an agreement at this time. We're now turning our attention to resolving the gas sale issue for LS36-1, and eagerly anticipate the results of the LS23-1-1 exploration well, which was spudded recently, to tap into resources near our LS36-1 gas field production facility."
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 (5,877sq km) and a 49% interest in the producing LS36-1 gas field in Block 25/34, together with CNOOC (51% interest and acting as Operator). Both blocks are located 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, Chief Executive Officer
Please visit the Company's website at www.pehi.com. Should you wish to receive Company news via email, please email john@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 Primeline's intention to seek a listing for its shares in Asia. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Among other things, Primeline may be unable to meet applicable listing requirements or if it is, may not be satisfied with trading volumes or pricing on the relevant market. Exploration for oil and agas 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.