Extension of Deadline for Annual Financial Statements - Seite 2

Primeline is continuing to work diligently towards completing and filing the Annual Filings. Until Primeline has filed the Annual Filings, members of  Primeline’s management and other insiders are subject to a trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Primeline confirms that, other than disclosed in prior press releases, there have been no material business developments since the filing on February 13, 2020 of the Company’s latest interim financial reports for the period ended December 31, 2019.

About Primeline Energy Holdings Inc.

Primeline is an exploration and production company focusing exclusively on China natural resources under petroleum contracts with CNOOC in the East China Sea. The LS36-1 Gas Field 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.

Signed “Andrew Biggs”
Chief Executive Officer

Contact:

Primeline Energy Holding Inc.

Andrew Biggs, CEO PH: +44 207.499.8888 Fax: [phone] Toll Free: 1.877.818.0688 E-Mail: [e-mail]

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 expectation that it will file its Annual  Filings on or before August 28, 2020, that it will ultimately be successful in  its previously announced  arbitration against CNOOC  (the “CNOOC Arbitration”), and that the banks (the “Syndicate Banks”) which have provided Primeline’s project financing  for the LS 36-1 development (the “Syndicate Facility”) will continue to take no enforcement action as a result of Primeline’s previously announced default under the Syndicate Facility pending the making of the award in the CNOOC Arbitration.  Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.   Primeline may be unable to file the Annual Filings on or before August 28, 2020 ond  may not be successful in the CNOOC Arbitration. If it is successful in the CNOOC Arbitration, Primeline may be unable to enforce the award of the tribunal.  The Syndicate Banks may take enforcement action prior to the making of the award in the CNOOC Arbitration.  If Primeline does not file its Annual Filings on or before August 28, 2020 Primeline’s shares may be cease traded,.  Any of the other foregoing events may result in Primeline’s insolvency, and seizure of Primeline’s assets.  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 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.