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Primeline Show Increase in Cash & Cash Equivalents to CAD$24.5 Million

Source: www.gulfoilandgas.com 3/2/2015, Location: Asia

Primeline Energy Holdings Inc. announced that it has filed its unaudited quarterly financial statements relating to the three and nine month periods ended December 31, 2014. The financial disclosure and reports include management discussion and analysis and interim consolidated financial statements for the third quarter of the financial year.

Key highlights include:
- Trial production phase revenues from the LS36-1 Gas Field from July 16 to December 1, 2014 of CAD$ 26.26 million. These cash flows have been booked in the investing activities in the statement of cash flows and not in the income statement.
- Commercial phase production revenues of CAD$ 9.5 million for December 2014.
- Cash and cash equivalents increased to CAD$ 24.49 million over the 9 month period to December 31, 2014.

Dr. Ming Wang, Chief Executive Officer, commented: "The last quarter was a momentous one for Primeline - with first cash flow from the LS36-1 Gas Field, repayment in full of our development costs and strong production performance. Net cash at year end equates to CAD$ 0.22 per share. We look forward to progressing our exciting plans for rolling development and exploration activity under Petroleum Contract 33/07 in order to capitalise on the infrastructure we built for the LS36-1 Gas Field with CNOOC".



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