Primeline Energy Holdings Inc. has terminated its previously announced proposed merger with Loyz Energy Limited due to current market volatility and sentiment. Primeline will continue discussing potential opportunities with Loyz and reiterates its intention to list of its shares independently in Asia in the future.
Dr. Ming Wang, CEO, commented,'We have undertaken constructive and comprehensive discussions with Loyz over the past year and remain hopeful of reaching an agreement with them to work together in future. Both sides see the merits and potential of their respective asset positions, but with extreme market volatility, both companies' boards were unable to conclude an agreement at this time.
We're now turning our attention to resolving the gas sale issue for LS36-1, and eagerly anticipate the results of the LS23-1-1 exploration well, which was spudded recently, to tap into resources near our LS36-1 gas field production facility.'