Primeline Announces Additional Independent Director Of Board
Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. (the “Exchange”) under the trading symbol “PEH”, is pleased to announce the board has elected Mr. Graeme Phipps as an independent director with immediate effect.
Mr. Phipps has had an outstanding career in the oil industry over the last 30 years. Most recently, in 2005, he was employed as Executive VP of PetroKazakhstan preparing to become President and CEO of this company when it was successfully sold for $4.2B in late 2005. Prior to Petro Kazikhstan, he held a number of senior executive positions with several exploration and production companies, including VP of the Canadian Division and VP Corporate Planning of Nexen Inc. and Exploration and International VP for Petro-Canada. Mr. Phipps spent his first 20 years in the oil industry with Esso Resources and Exxon in various operational and managerial positions.
Mr. Phipps has had broad exploration experience throughout the world, including the Western Canada Sedimentary Basin, the Beaufort Sea area and the Arctic Islands off the East Coast in Canada and internationally in the Gulf of Mexico, Yemen, North Africa, Nigeria, Colombia, Australia, Malaysia and Kazakhstan. Mr. Phipps is a director of a number of public and private companies in the oil industry.
As a director, Mr. Phipps will provide Primeline independent director’s advice on strategic and planning as well as technical auditing.
Mr. Victor Hwang, President of the Company commenting on the joining of Mr. Phipps: “Graeme will bring to the Company the breadth of his international E&P perspective and this is a significant step in strengthening our board, particularly in strategic planning, corporate governance and technical auditing.”
The Company owns a 75% interest in the Petroleum Contract for Block 25/34 in the East China Sea, with the China National Offshore Oil Corporation (“CNOOC”) and is the operator for the Block. The Company made the gas discovery, Lishui 36-1, in the Block which has two wells which flowed at 9.8 and 12 mmcfpd of natural gas. The Block encompasses 7,006 sq kms which contains the Lishui Gas play and many other potential prospects. The company has been engaging in the appraisal of the discovery and surrounding analogous prospects as well as the regional evaluation of the remainder of this large concession.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
(signed) “Peter Kelty”
For More Information Please Contact:
Primeline Investor Relations
Tel. + 44 20 7501 0688
Fax. + 44 20 7501 0699
Toll Free: 1 877 818 0688
Web Site: www.primelineenergy.com
Port Mercantile Capital Inc.
Tel: +1 604 649 1981
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.