Not for distribution to the
Primeline anticipates that it will be unable to complete and file the Annual Filings and the Interim Filings until the syndicate of banks which provided financing for Primeline’s share of the development costs for the LS 36-1 Gas Field (the “Syndicate”) confirm how they wish to proceed with respect to enforcement of their security interest over Primeline’s interest in the LS 36-1 Gas Field. Primeline confirms that, other than as disclosed in prior press releases, there have been no material business developments since its press release of
About
Primeline is an exploration and production company focusing exclusively on
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Signed “Andrew Biggs”
Chief Executive Officer
Contact:
PH: +44 207.499.8888
Fax: +44 560 372 5179
Toll Free: 1.877.818.0688
E-Mail: IR@pehi.com
Please visit the Company’s website at www.primelineenergy.com.
Forward-Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. These statements relate to Primeline’s ability to continue operations, and to complete and file the Annual Filings and the Interim Filings. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. The Syndicate may realize on its security interest over Primeline’s interest in the LS 36-1 Gas Field, and if it does that will result in the seizure of all of Primeline’s material assets, in which event Primeline will be unable to continue operations. If the Syndicate confirms how it intends to proceed with respect to enforcement of its security interest, Primeline may nevertheless be unable to complete and filed the Annual Filings and the Interim Filings, and if it is not Primeline will remain subject to the CTO. Primeline assumes no obligation to update forward-looking information, except as required by law. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
Neither the
Source:
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