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HONG KONG, July 26, 2024 — Primeline Energy Holdings Inc. (Primeline or the Company) announces that it has received a petition from Shanghai Pudong Development Bank Co., Ltd., acting on behalf of the syndicate of banks (the Syndicate) that provided the loan facility for financing 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). This petition, filed with the Grand Court of Cayman Islands, Financial Services Division, seeks the winding up of Primeline on the grounds that Primeline is insolvent and unable to meet its debt obligations as they mature. As previously announced in a May 2, 2024 press release, Primeline had already received notification from the Syndicate regarding the enforcement of its guarantee (the Guarantee) of the indebtedness of PECL and PPC. As previously communicated and acknowledged by the Syndicate, Primeline currently lacks any revenue source or assets to repay the loan and fulfill its obligations under the Guarantee, given the shutdown of production at LS 36-1. Consequently, Primeline will 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, CEO
PH: +44 207.499.8888
Fax: +44 560 372 5179
Toll Free: 1.877.818.0688
E-Mail:

Please visit the Company’s website at .

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