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HONG KONG, July 26, 2024 (GLOBE NEWSWIRE) -- Primeline Energy Holdings Inc. (“Primeline” or the “Company”) announces that it has been served with a petition to the Grand Court of Cayman Islands, Financial Services Division by Shanghai Pudong Development Bank Co., Ltd., the agent for the syndicate of banks (the “Syndicate”) which provided the loan facility for finance of Primeline’s share of the development cost of the LS 36-1 gas field to Primeline’s subsidiaries, Primeline Energy China Limited (“PECL”) and Primeline Petroleum Corporation (“PPC”), for the winding up of Primeline on the grounds that Primeline is insolvent and unable to pay its debts as they fall due. As announced in its press release of May 2, 2024, Primeline had previously received notice of enforcement of its guarantee (the “Guarantee”) of the indebtedness of PECL and PPC from the Syndicate. As previously announced and as the Syndicate is aware, Primeline has no source of revenue or assets with which to repay the loan and meet its obligations under the Guarantee, in that production at LS 36-1 has been shut down. Primeline will therefore not oppose the winding up proceedings.
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: +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.
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