Primeline Obtains Approval for Extension; Annual General Meeting
Primeline Energy Holdings Inc. (“Primeline”, the “Company”) announces that the Company has recently obtained approval from China National Offshore Oil Corporation (CNOOC) for a three month extension (to the end of February, 1999) of the Phase one exploration of the Petroleum Contract for Block 32/32.
This three month extension will allow Primeline to complete its 3D seismic program, the acquisition of which has been completed but for which the processing and interpretation is ongoing. This program will provide the Company the necessary time required to formulate its exploration and appraisal strategy on completion of the technical evaluation. As previously announced, the 3D seismic acquisition was significantly delayed by adverse weather conditions in the East China Sea region. The 3D seismic data is in the final stage of processing and the interpretation results are expected in February/March 1999.
In addition, the Company wishes to announce the successful conclusion of its Annual General Meeting of Shareholders conducted on December 15, 1998 in Vancouver, BC. During the meeting the Board of Directors was re-elected for an additional one-year term. Management also gave a brief presentation at the meeting outlining the Company’s activities over the past year and a summary of proposed activities for the coming year.
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:
Mr. Peter C. Kelty
Director, Primeline Energy Holdings Inc.
FOR MORE INFORMATION, PLEASE CONTACT:
Advanced Strategies Inc.
Ian Klassen or Douglas Horne
Toll Free: 1-800-499-0988
Fax: (604) 488 1145
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.