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Primeline Energy Holdings Inc bolstered as it receives Zhejiang settlement payment

Friday, March 24, 2017 13:01
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(Before It's News)

Shares in Primeline Energy Holdings Inc (CVE:PEH) surged almost 23% as it received 256 million renminbi ($49mln)  – the full payment under its recent settlement with Zhejiang Natural Gas Development Company Ltd.

As reported at the beginning of the month, settlement deals were agreed between the company, CNOOC China Ltd (CCL) and CCL with Zhejiang Gas relating to the dispute Primeline had with Zhejiang Gas with regard to the LS36-1 gas sales contract (GSC).

The payment today is for Primeline’s share of all outstanding, unpaid or partly paid amounts due to the end of 2016 including take-or-pay payments for 2015 and 2016.

It also includes 12 million renminbi ($2.3million) relating to the difference between the agreed price and the price previously paid from January 1 to February 28 this year.

Primeline has also applied to withdraw arbitration proceedings against Zhejiang Gas.

The firm added today that the production rate for LS36-1 is being maintained at the design level of around 25 million cubic feet per day and the payment process has now been normalised.

Primeline has a 49% interest in the producing LS36-1 gas field together with CNOOC, which has 51% and is operator.

The field has been in production since July, 2014.

Primeline shares added 22.73% to stand at $0.27.

Story by ProactiveInvestors


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