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Primeline Obtains Additional Working Capital Facility

Primeline Energy Holdings Inc. (PEH.V) today announced that Primeline has entered into a further agreement with Victor Yiou-Hwa Hwang, its President, Chairman and largest shareholder, in relation to an additional working capital facility. Previously Hwang granted Primeline loan facilities of up to US$5,650,000 for working capital purposes which facilities are fully drawn down, and are repayable on demand at any time after April 30, 2014 (in respect of the facility for US$4,000,000) and July 31, 2014 (in respect of the facility of US$1,650,000). In order to provide additional working capital through to 31st March 2014, an additional working capital facility has now been agreed. The amount available under this additional facility is US$1,000,000 which is available for drawdown at any time prior to 31st March 2014. The amount drawn down under the new facility is repayable on written demand at any time after 31st July 2015 and is interest free. Primeline is investigating options for generating funds to repay the working capital facilities and expects to make an announcement about repayment in due course.

In the meantime, the development of the LS36-1 gas field continues to progress smoothly with first gas due in the second half of 2013 as scheduled, Primeline said in a statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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