(MENAFN- ProactiveInvestors)Canadian-listed Primeline Energy Holdings (CVE:PEH) on Monday reported a third quarter loss of RMB25.455mln (C$5.377mln) but also a significantly higher supply to its sole customer. The an independent oil and gas exploration and production company operating in China said the quarter ended December 31 saw an increase in sales to Zhejiang Gas Provincial Development Co the sole customer since July 2014 for the LS36-1 gas versus the prior quarter. Revenue from oil and gas sales increased to RMB166.114mln (C$35.089mln) from RMB29.583mln (C$6.249mln) in the previous quarter reflecting higher offtake and 18 mmcm of take or pay shortfall which has been booked as revenue of RMB45.150mln (C$9.600mln). During the quarter the LS36-1 gas field was in steady production from the middle of October to December 31 and hence the volume sold to Zhejiang Gas during Q3 was approximately 56 mln cubic metres or an average of circa 21mln cubic feet/day (mmcfpd). This is significantly higher than the previous two quarters. These better operational results were the main contributor of an improvement in the company's revenue to RMB166.114mln. Gross profit in Q3 was RMB130.225mln (C$27.508mln) versus RMB4.890mln (C$1.032mln) in the previous period. Primeline Energy shares were up 14.3% at C$0.12.
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