The COSL 942 drilling rig will soon be mobilized to Primeline's site in the next few days.
Primeline has received notification from China Oilfield Services Ltd. (COSL) that COSL 942 is expected to complete its current well operations on or around April 2, 2010 and will then be ready to be mobilized to Primeline's LS35-3-1 well location. On the basis of the currently advised schedule, COSL 942 will be on location around April 5th for the rig to prepare for the drilling operations which are estimated to commence around April 8th. Under the turnkey contract signed between COSL and Primeline, COSL will be responsible for all the operations but Primeline has a supervision team in place in Shanghai and on the well site.
As announced on March 25th, Primeline will fund its share of the drilling costs via a rights issue. As the rights issue has not yet closed, Primeline's Chairman, Victor Hwang has advanced to the Company the funds necessary for the drilling operation.
This operation is part of the step-out drilling campaign that Primeline is implementing as part of its rolling exploration and development strategy. Primeline and CNOOC are preparing for the development of Lishui 36-1 gas field following signing of development agreements with CNOOC on March 17th. The Lishui 35-3-1 well location is around 15 km SW of Lishui 36-1 gas field.
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