Extension of Deadline for Annual Financial Statements

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‎HONG KONG, May 26, 2020 (GLOBE NEWSWIRE) -- Primeline Energy Holdings Inc. (“Primeline” or the “Company”), announces that due to delays caused by the COVID-19 virus, it is utilizing the extension period provided for under BC Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 (“Instrument 51-517”), and similar extension periods provided for by the securities commissions in Alberta, Ontario and Quebec, for the filing of: (i) its annual financial statements and related management’s discussion and analysis for its fiscal year ended March 31, 2020; (ii) its reserves data under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, each for the Company’s fiscal year ended March 31, 2020  (together, the “Annual Filings”); and (iii) the compliance with the delivery requirements of applicable securities laws relating to the Annual Filings.

In consideration of the COVID-19 pandemic and its impact on market participants, the Canadian Securities Administrators have announced temporary relief from certain regulatory filings required to be made on or before August 31, 2020. This blanket relief is implemented through Instrument 51-517 and similar orders made in Alberta, Ontario and Quebec, which provide that during the period from June 2, 2020 to August 31, 2020, a person or company required to make certain filings as described therein has an additional 45 days from the deadline otherwise applicable under such securities laws to make the filing. Primeline expects to file the Annual Filings by no later than August 28, 2020.

On March 11, 2020, the World Health Organization characterized the COVID 19 outbreak as a “pandemic”. Primeline has operations and offices in China, Hong Kong and London and its auditors are based in London. As a result of COVID-19, Primeline has been following the recommendations and restrictions of health authorities in China, Hong Kong and London to minimize exposure risk for its employees for the past several weeks, including the temporary closures of its offices and having employees work remotely to the extent possible, which has adversely affected employee efficiency and disrupted Primeline’s business operations. In particular, these changes have affected the collaboration of Primeline’s financial reporting team and the accessibility of Primeline’s books and records, resulting in delays in the review, preparation and completion of its financial statements for the fiscal year ended March 31, 2020 due to guidance from authorities for employees to follow work from home procedures and the fact that it is not possible for its auditors to travel to its offices in China and Hong Kong.