Vicky-1 Drilling Programme Update
VANCOUVER, BC September 5th, 1997 —- Primeline Energy Holdings Inc. (“PEHI”), a Vancouver Stock Exchange (“VSE”) listed company, spudded the Vicky-1 exploration well in the company’s concession in Block 32/32, East China Sea, offshore China, in early August.
Progress has been slower than anticipated because of two rig evacuations for safety reasons due to ongoing typhoon weather risk. The well is currently operating below 2500 metres and has encountered gas shows which have been logged and cased. The company cautions that at this time insufficient information is available to determine the economic significance of these gas shows.
The present program is to continue drilling to the projected total depth of 3200 metres which it is anticipated will take 5-10 days. At that time, the company will be able to further evaluate information from the well.
PEHI owns a 75% interest in the production sharing contract for Block 32/32, an area with an overall size of approximately 6,000 sq. km.
PEHI is the only exchange listed oil and gas company focused on upstream opportunities in China.
“Peter C. Kelty”
Peter C. Kelty, Director
Primeline Energy Holdings Inc.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.