Primeline Completes 3D seismic survey
Primeline Energy Holdings Inc. (“Primeline”, the “Company”) announces the completion of the 3D seismic survey over the Vicky discovery and surrounding area in Block 32/32, East China Sea.
As announced on April 14, 1998, the Company has focused on the appraisal program of the Vicky discovery (LS 36-1) made in late 1997, commencing with a 3D seismic survey. Primeline’s contractor - China Offshore Geophysical Co. (COGC), completed the acquisition of 3D data over a 200 sq. km area and the field data was transferred to Primeline on August 22, 1998. The survey suffered from delays caused by adverse weather conditions in the region, and extended equipment testing at the beginning of the survey. The processing and interpretation of the data is expected to take approximately 5-6 months with the final results of the evaluation now expected early in 1999.
Primeline has retained Spectrum Energy and Information Technology Ltd. (“Spectrum”) of England as its 3D seismic processing contractor following an international tender. Spectrum is an experienced international seismic processing contractor.
Primeline owns a 75% interest in Block 32/32, a 6,000 sq. km (1.5 million acres) concession in the East China Sea. Primeline is exclusively focused on oil and gas exploration and upstream business opportunities in China. The Company’s shares are listed on the Vancouver Stock Exchange under the symbol “PEH”
On behalf of the Board of Directors:
” Peter Kelty”
Mr. Peter C. Kelty
Primeline Energy Holdings Inc.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.