Primeline announced in its press release of
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Primeline is an exploration and production company focusing exclusively on
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Forward-Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline.These statements relate to Primeline's expectation that it will ultimately be successful in the CNOOC Arbitration, and that the banks (the 'Syndicate Banks') which have provided Primeline's project financingfor the LS 36-1 development (the 'Syndicate Facility') will continue to take no enforcement action as a result of Primeline's previously announced default under the Syndicate Facility pending the making of the award in the CNOOC Arbitration.Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements.Primeline may not be successful in the CNOOC Arbitration, and if it is successful Primeline may be unable to enforce the award of the tribunal.The Syndicate Banks may take enforcement action prior to the making of the award in the CNOOC Arbitration. Any of these events may result in Primeline's insolvency, and seizure of Primeline's assets.Primeline assumes no obligation to update forward-looking information, except as required by law.Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
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