Last C$0.68 CAD
Change Today +0.07 / 11.48%
Volume 17.0K
As of 3:38 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

primeline energy holdings (PEH) Snapshot

Open
C$0.68
Previous Close
C$0.61
Day High
C$0.70
Day Low
C$0.68
52 Week High
04/28/14 - C$0.88
52 Week Low
07/31/13 - C$0.39
Market Cap
76.7M
Average Volume 10 Days
9.8K
EPS TTM
C$-0.0082
Shares Outstanding
112.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for PRIMELINE ENERGY HOLDINGS (PEH)

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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 the LS36-1 gas field in the Block 25/34 under the petroleum contract with approximate area of 84.7 square kilometers; and the Block 33/07 under the petroleum contract with approximate area of 5,877 square kilometers of offshore enclosing the Block 25/34 that are located in the East China Sea. The company was founded in 1993 and is headquartered in Hong Kong, Hong Kong.

25 Employees
Last Reported Date: 07/29/13
Founded in 1993

primeline energy holdings (PEH) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$251.4K
Senior Vice President of Corporate Affairs, G...
Total Annual Compensation: C$193.4K
Compensation as of Fiscal Year 2013.

primeline energy holdings (PEH) Key Developments

Primeline Energy Holdings Inc. Announces Commencement of Trial Production of Gas from the LS36-1 Gas Field

Primeline Energy Holdings Inc. announced that trial production of gas from the LS36-1 gas field has now commenced. As previously announced, with the completion of the last section of the gas sales pipeline and connection to the provincial gas grid, the LS36-1 gas field development was completed on 1 July 2014. Since then CNOOC Limited, as operator, and the downstream buyer, Zhejiang Provincial Gas Development Co., commenced joint commissioning of the upstream and downstream facilities and trial gas production from the LS36-1 gas field commenced on July 16, 2014. The LS36-1 gas field is located in 84m of water in the East China Sea about 150km from the major city Wenzhou. The field was discovered by Primeline and has been developed by CNOOC, as operator, the company and Primeline Petroleum Corp. The development comprises a production platform with four production wells, a subsea pipeline and an onshore processing terminal. The gas is being sold to Zhejiang Gas, the owner and operator of the Zhejiang Provincial Gas Grid. Formal commencement of production will be announced after the completion of joint commissioning and the smooth operation of the equipment in this trial period of production.

Primeline Energy Holdings Inc. Announces Development of LS36-1 Gas Field

Primeline Energy Holdings Inc. announced that the development of its LS36-1 gas field has been completed and it is ready for commissioning and first gas production. The last part of the development work was the laying of the last 3 km of the gas sales pipeline, connection to the provincial gas grid and final commissioning. The construction of the final 3 km of gas sales pipeline was completed on 26 June 2014 and CNOOC, as operator, has confirmed that the final connection to the facility of the downstream buyer, Zhejiang Provincial Gas Development Co. was completed on July 1 2014. The final joint commissioning programme is in the process of being agreed by CNOOC and Zhejiang Gas and it is expected that trial gas production will start soon. A separate announcement will be made when gas production commences.

Primeline Energy Holdings, Inc. Receives Final Government Approval from the Chinese Government

Primeline Energy Holdings Inc. announced that the overall development programme for its LS36-1 gas field development has received final approval from the Chinese Government. China National Offshore Oil Corporation (CNOOC) notified Primeline that the National Development and Reform Commission (NDRC) has approved the Development. This approval allows the project Operator, CNOOC, which holds a 51% interest in the Development, to finalise plans for the commencement of gas production. During the last 3 years CNOOC has completed the majority of the development work, including the production platform, development wells, subsea pipeline, gas processing terminal and the offshore section of the gas sales pipeline. The remaining development work includes the laying of the last 3 km of the gas sales pipeline, connection to the provincial gas grid and final commissioning. Construction of the final 3 km of gas sales pipeline commenced in April 2014 and is expected to be completed in June. CNOOC currently envisages that the gas production will commence in third quarter of 2014, subject to final coordination with the downstream buyer, Zhejiang Provincial Gas Development Co. A separate announcement will be made when the first gas date is fixed and gas production commences. This approval also allows Primeline and Primeline Petroleum Corporation (PPC), who hold 36.75% and 12.25% interests respectively in the Development, to finalise the financing arrangements for their share of the costs of the Development. Under agreements entered into with CNOOC in relation to the Development, Primeline and PPC would have no obligation to fund cash calls in relation to their share of the costs of the Development until 3 months from the date of the government approval. Primeline and PPC have previously entered into a non-binding Loan Memorandum with China Development Bank relating to funding for their share of the cost of the Development, which received an in principle approval from CDB's Credit Committee in January 2013, subject to final approval of the NDRC and finalisation of the loan documentation and security arrangements. Primeline and PPC are negotiating and finalising the formal loan agreement and security arrangements with CDB. A separate announcement will be made when the finance arrangements have been finalised.

 

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