HONG KONG, CHINA--(Marketwired - Sept. 23, 2015) -
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Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announced the drilling of its LS23-1-1 exploration well has commenced to tap into resources near its LS36-1 gas field production facility.
As recently announced, Primeline's drilling contractor China Oilfield Services Ltd started to tow the drilling rig, HYSY941, on September 15. The rig arrived at LS23-1-1 on September 17 and the subsequent jackup and loading operation was successfully completed. LS23-1-1 was spudded on September 23, 2015.
The LS23-1-1 well is in 81 m of water in Block 33/07 in the East China Sea and is 24 km from the LS36-1 gas field platform. The planned total depth of the well is designed to be 2,688 m with several target zones in Palaeocene sediments. The drilling is scheduled to take approximately 30 days including logging. If hydrocarbons are discovered, additional logging or drill stem tests will be carried out.
LS23-1-1 is the first exploration well (of two) in Primeline's current campaign as part of the rolling development program. Based on the result of this well, Primeline will finalize the drilling location of the second well in Block 33/07, which will be either LS30-3-1 or LS23-2-1. Any resources discovered in this drilling campaign can use or share the LS36-1 gas field production infrastructure to speed up development and optimize future development costs and economics.
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 (5,877sq 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 located 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.
Ming Wang, Chief Executive Officer
Please visit the Company's website at www.pehi.com. Should you wish to receive Company news via email, please email email@example.com and specify "Primeline Energy" in the subject line.
Some of the statements in this news release 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.
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 release.
Source: Marketwired (Canada)
(September 23, 2015 - 8:32 AM EDT)
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