Mr. Andrew Biggs reports

EXTENSION OF DEADLINE FOR ANNUAL FINANCIAL STATEMENT

Due to delays caused by the COVID-19 virus, Primeline Energy Holdings Inc. is utilizing the extension period provided for under B.C. Instrument 51-517 (Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to Aug. 31, 2020) and similar extension periods provided for by the securities commissions in Alberta, Ontario and Quebec for the filing of: (i) its annual financial statements and related management's discussion and analysis for its fiscal year ended March 31, 2020; (ii) its reserves data under National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities), each for the company's fiscal year ended March 31, 2020; and (iii) the compliance with the delivery requirements of applicable securities laws relating to the annual filings.

In consideration of the COVID-19 pandemic and its impact on market participants, the Canadian Securities Administrators has announced temporary relief from certain regulatory filings required to be made on or before Aug. 31, 2020. This blanket relief is implemented through Instrument 51-517 and similar orders made in Alberta, Ontario and Quebec, which provide that during the period from June 2, 2020, to Aug. 31, 2020, a person or company required to make certain filings as described therein has an additional 45 days from the deadline otherwise applicable under such securities laws to make the filing. Primeline expects to file the annual filings by no later than Aug. 28, 2020.

On March 11, 2020, the World Health Organization characterized the COVID-19 outbreak as a pandemic. Primeline has operations and offices in China, Hong Kong and London, and its auditor is based in London. As a result of COVID-19, Primeline has been following the recommendations and restrictions of health authorities in China, Hong Kong and London to minimize exposure risk for its employees for the past several weeks, including the temporary closures of its offices and having employees work remotely to the extent possible, which has adversely affected employee efficiency and disrupted Primeline's business operations. In particular, these changes have affected the collaboration of Primeline's financial reporting team and the accessibility of Primeline's books and records, resulting in delays in the review, preparation and completion of its financial statements for the fiscal year ended March 31, 2020, due to guidance from authorities for employees to follow work-from-home procedures and the fact that it is not possible for its auditor to travel to its offices in China and Hong Kong.

Primeline is continuing to work diligently toward completing and filing the annual filings. Until Primeline has filed the annual filings, members of Primeline's management and other insiders are subject to a trading blackout period as per its internal insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions).

Primeline confirms that, other than disclosed in prior press releases, there have been no material business developments since the filing on Feb. 13, 2020, of the company's latest interim financial reports for the period ended Dec. 31, 2019.

About Primeline Energy Holdings Inc.

Primeline is an exploration and production company, focusing exclusively on Chinese natural resources under petroleum contracts with CNOOC in the East China Sea. The LS36-1 gas field has been in production since July, 2014.

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