Hong Kong, March 28, 2019 – Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, announced today that Dr. Ming Wang has stepped down as CEO of the Company and the Board has appointed Andrew Biggs as the interim CEO to lead the company through the current stage.
Dr. Wang has been a director of the company since 2000, and CEO for almost 13 years from 2006, previously Vice President of Exploration from 1996 to 2006. During this time, Dr. Wang led the discovery of the LS36-1 gas field, the commercialization of the field including the development agreements and gas sale contracts, the development operation (jointly with CNOOC) and the financing of the development of the gas field and its subsequent operation.
Dr. Wang is leaving to take up an opportunity in another non-competing industry but will remain as director to assist on various issues to ensure a smooth transition and will continue to be involved at least until the Company receives the award of the arbitral tribunal in the arbitration against CNOOC. Mr. Biggs has been the Company Secretary and General Counsel since 2007 and has at all times been fully involved in the management of the Group with Dr Wang.
Mr. Victor Hwang, Chairman and President commented “the Board thanks Dr. Wang for his service and contribution to the company and we are pleased that he will remain as a director to ensure continuity. Until the resolution of the arbitration against CNOOC, the Company’s direction is constrained and Mr. Biggs is the best person to be interim CEO in this current stage of the Company’s development.
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 (4,397sq 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 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.
Brian Chan
Director
Contact:
PRIMELINE ENERGY HOLDINGS INC.
Andrew Biggs, CEO
PH: +44 207.499.8888
Toll Free: 1.877.818.0688
E-Mail: IR@pehi.com
FronTier Merchant Capital Group
Robin Cook
1411-1 King Street West
Toronto, ON M5H 1A1
PH: (416) 809-1738
FAX: (866) 749-0447
E-Mail: robin@frontiermcg.com
www.frontiermcg.com
Please visit the Company’s website at www.primelineenergy.com. Should you wish to receive Company news via email, please email robin@frontiermcg.com and specify “Primeline Energy” in the subject line.
Forward-Looking Statements
Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline.Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.Exploration for oil and gas 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 news release