HONG KONG, CHINA--(Marketwired - June 9, 2016) -
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Primeline Energy Holdings Inc. ("Primeline" or the "Company" references to which include its subsidiaries) (TSX VENTURE:PEH) today announces that it has sent a Notice of Arbitration to China National Offshore Oil Corporation ("CNOOC") and CNOOC China Limited ("CCL") (together "CNOOC Group") giving formal notice of the commencement of arbitration proceedings against CNOOC Group pursuant to the UNCITRAL Arbitration Rules and the provisions of the Petroleum Contract for Block 25/34 ("CNOOC Arbitration").
As announced on May 24, 2016, the CNOOC Arbitration relates to Primeline's continuing disputes with CNOOC Group with regard to the development, production and sales of gas from the LS36-1 Gas Field ("LS36-1"). The claims, which are the subject of the CNOOC Arbitration, include:
Primeline has appointed an arbitrator and notified CNOOC Group of such appointment on May 16, 2016. Pursuant to the UNCITRAL Arbitration Rules and the arbitration agreement under the Petroleum Contract for Block 25/34, the second arbitrator is expected to be appointed by the CNOOC Group following which an ad hoc tribunal comprising three arbitrators shall be constituted in due course.
Primeline's statement of claim will be submitted when the tribunal is formed. Further progress and details will be announced in due course.
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 (4,397 sq. 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.
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.
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