Primeline Drills Dry Well in East China Sea Block 33/07

Primeline Energy Holdings Inc. (Primeline or the Company) revealed Tuesday that drilling operations of the LS30-3-1 well in Block 33/07 in the East China Sea have been completed without discovering hydrocarbons.

LS30-3-1 is located approximately 12.4 miles (20 kilometers) north of the LS36-1 gas field platform and was targeting a large channel sand prospect as part of Primeline's two well exploration drilling program for 2015. The well was spud Nov. 13. When the well reached the planned total depth of 5,906 feet (1,800 meters), Primeline decided to deepen the well, drilling to a total depth of 6,562 feet (2,000 meters) on Nov. 27 with electronic log data being collected during Nov. 27-30. The analysis of the results shows that whilst the well encountered three sets of very good sandstone reservoir sequences as predicted, unfortunately there was no oil or gas accumulation in those sandstones. The LS30-3-1 has thus been declared as a dry well and the plug and abandon operation is now ongoing before the rig is released.

Primeline will conduct a careful post well evaluation of the results of the LS23-1-1 and LS30-3-1 wells in the coming months in order to formulate the next stage of the exploration program in the remainder of the 2,269 square mile (5,877square kilometer) of Block 33/07.

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