Primeline Announces Approval of Chinese Petroleum Contract; Shares at Year Highs
Primeline Energy Holdings Inc. (PEH.V) has received confirmation of the approval of the petroleum contract for Block 33/07 from the Ministry of Commerce in China.
As previously announced, Primeline and CNOOC entered into a new petroleum contract for Block 33/07 on June 15, 2012. The contract was subject to the approval of the Ministry of Commerce of China and Primeline has received confirmation from CNOOC that such approval has been granted.
The effective date of the contract is November 1, 2012.
PEH shares rose five cents to $0.66, a 52-week high.
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