BRIEF-Primeline says China Oilfield Services has commenced arbitration proceedings against co's unit

Tue Sep 6, 2016 5:26pm EDT
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Sept 6 (Reuters) - Primeline Energy Holdings Inc

* China Oilfield Services Limited has commenced arbitration proceedings against co's Unit Primeline Energy Operations International

* Amount claimed by COSL in COSL arbitration against PEOIL is rmb119 million, or about cad $22.8 million

* Arbitration in relation to a claim for payment under previously announced turnkey drilling contract dated August 14, 2015 between COSL and PEOIL

* Total amount outstanding and due from Zhejiang Gas as of end of August under gas sales contract is estimated to be rmb 435 million

* Drilling contract relates to two wells drilled by COSL for peoil as operator in block 33/07 in late 2015. Source text for Eikon: Further company coverage: