Primeline Served With Petition for Dissolution
26 Julio 2024 - 12:17PM
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, CEOPH: +44 207.499.8888Fax: +44 560 372 5179Toll Free:
1.877.818.0688E-Mail: IR@pehi.com
Please visit the Company’s website
at www.primelineenergy.com.
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.