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Loyz Energy’s Reverse-Takeover Of Canada-Listed Primeline Energy
Corporate Digest | 10 June 2015
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Upstream oil and gas sector player Loyz Energy, has reached a deal to acquire Primeline Energy Holdings (PEH) for about $197 million.

It was also revealed that company has the intention to seek a transfer of listing from the Catalist board to mainboard after the acquisition.

Loyz will be funding the deal by the issuance of some 1.8 billion new shares at 11 cents apiece.

Listed on the TSX Venture Exchange in Canada, PEH is an independent oil and gas exploration and production company focusing on upstream opportunities in China.

Victor Hwang Yiou Hwa is the majority shareholder of the company with an ownership of some 60.1 percent equity stake, owned directly and indirectly.

PEH has mentioned last month that it would acquire the entire legal and beneficial interest in Primeline Petroleum Corporation (PPC), owned wholly by Victor Hwang.

The post acquisition of PPC will see PEH owning 49 percent of development rights in the East China Sea via two petroleum contracts – Block 25/34 and Block 33/07. China National offshore Oil Company (CNOOC) will own 51 percent respectively of Block 25/34.

CWX Global  -- -- --   
Business: Co is a S'pore grown oil & gas, exploration & production co.

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