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Last C$0.51 CAD
Change Today +0.02 / 4.08%
Volume 7.0K
PEH On Other Exchanges
As of 1:55 PM 05/21/15 All times are local (Market data is delayed by at least 15 minutes).

primeline energy holdings (PEH) Snapshot

Previous Close
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52 Week High
05/22/14 - C$0.77
52 Week Low
01/19/15 - C$0.32
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Average Volume 10 Days
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primeline energy holdings (PEH) Details

Primeline Energy Holdings Inc. operates as an independent oil and gas exploration and production company in the People’s Republic of China. It owns exploration and development rights in two offshore blocks, including a 36.75% interest in the LS36-1 gas field in the Block 25/34, which covers an area of 84.7 square kilometers; and a 75% interest in the Block 33/07 that covers an area of 5,877 square kilometers in the East China Sea pursuant to two petroleum contracts. The company was founded in 1993 and is headquartered in Hong Kong, Hong Kong.

25 Employees
Last Reported Date: 07/29/14
Founded in 1993

primeline energy holdings (PEH) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$282.4K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: C$206.8K
Compensation as of Fiscal Year 2014.

primeline energy holdings (PEH) Key Developments

Primeline Energy Holdings, Inc. Commences LS36-1 Gas Field Commercial Production

Primeline Energy Holdings, Inc. announced that commercial production has now commenced at its LS36-1 gas field, trial production having been successfully completed. The production period under the Petroleum Contract for Block 25/34 has accordingly commenced. The Joint Management Committee (JMC) established by China National Offshore Oil Corporation (CNOOC), the company and Primeline Petroleum Corp. (PPC) for Block 25/34 has agreed that the commissioning and trial production of the LS36-1 gas field has been completed and declared the commencement of commercial production. The production period for the LS36-1 gas field is confirmed to have commenced with effect from 1st December 2014 and the production area for LS36-1 gas field is confirmed to be the same as the development area, being 84.7 sq. km. A JMC resolution was signed to that effect on December 17, 2014. In accordance with the Petroleum Contract and Supplemental Development Agreement entered into with CNOOC, the Production Period for the LS36-1 Gas Field will be for a minimum of 15 years from the commencement of commercial production and may be extended by agreement between the Parties in the event that additional gas resources are discovered by the Parties which can be conveniently tied into, transported and processed using the production Facility. The LS36-1 gas field has been in trial production since July 2014. Gas production has been steady since early September and the average production from early November has been 763mcmpd, or 26.7mmcfpd, above the design level of 26mmcfpd in the Overall Development Programme.

Primeline Energy Holdings, Inc. Announces Executive Changes

Primeline Energy Holdings Inc. announced that it has appointed Stuart Joyner as Chief Financial Officer with immediate effect. Mr. Joyner joined Primeline from AIM listed Sound Oil where he held the CFO position since July 2013. He will be based in London and replaces John Li who has been acting as interim CFO. Stuart has 20 years' experience in the oil and gas sector, 18 years of which were in investment banking and capital markets. He headed sector coverage for Investec and Credit Suisse and previously worked with Morgan Stanley, Dresdner Kleinwort and NatWest Securities.

Primeline Energy Holdings Inc. Confirms Project Finance

Primeline Energy Holdings Inc. (Primeline or the Company) announced that it has confirmed the financing for its share of the costs of the LS36-1 gas field development (Development). CDB has now confirmed that it has completed syndication of the loan. The syndicate consists of CDB and China Export and Import Bank (EXIM) as joint lead arrangers and Shanghai Pudong Development Bank (SPDB) as participant and agent bank. The facility will be made available to Primeline and PPC on a joint borrower basis secured on their respective interests in the Development. The facility will be for a total amount of USD 274 million (of which the Company's share is USD 205.5 million) and will be repayable over 9 years at an all-in interest rate of LIBOR+4.7%. The facility has been approved by the credit committees of all three banks. The first syndication meeting was held on 6th November when the syndication structure and loan details were confirmed. The loan contract has been negotiated over the past few months and has now been substantially agreed. It is presently intended that the binding loan contract and related security documentation will be finalised, executed and implemented before the middle of December 2014 when a further announcement will be made.


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