COSL to Drill LS23-1-1 Well in Block 33/07 in East China Sea Shortly

Primeline Energy Holdings Inc. (Primeline or the Company) reported Wednesday that its drilling contractor China Oilfield Service Ltd. (COSL) has started the mobilization of the rig for the drilling operation of LS23-1-1 well in Block 33/07 in the East China Sea.

Following the signing of the drilling contract by Primeline with COSL as announced on Aug. 17, COSL has completed the site survey of the well locations and other preparations for the drilling operations, including the applications for the required operation permits. Primeline held a pre-spud meeting with COSL and all main subcontractors on Sept. 14. COSL started to tow drilling rig HYSY941 or COSL 941 (400' ILC) toward the well LS23-1-1 location on the evening of Sept. 15. The towing operation is expected to last three to five days, subject to weather and sea conditions, followed by jack up, with drilling operations expected to commence around Sept. 22.

The HYSY941 is a self-elevating jackup built in 2006 by Dalian Shipbuilding. The rig has a maximum drilling depth capacity of 30.020 feet (9,150 meters) and is capable of operating in up to 400 feet (122 meters) water depth. The rig can accommodate 145 personnel and has full international certifications.

An update will be announced when drilling commences.


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