By OGJ editors
HOUSTON, Feb. 24 -- Primeline Energy Holdings Inc., London, sought to raise as much as $25 million to appraise the Lishui 36-1 (Vicky) gas-condensate discovery on Block 25/34 in the East China Sea.
Two wells on the 7,006 sq km block flowed at rates of 9.8 and 12 MMcfd (see map, OGJ, Dec. 17, 2001, p. 66). Primeline operates the block with 75% interest.
Primeline proposed to used proceeds of the fundraising to acquire more 3D seismic data to better define prospects near the existing discoveries, drill an appraisal/step-out well, drill one further well to expand the resource base, for project development, and for general working capital.