CNOOC Limited Announces Two New Exploration Discoveries

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Aug 20, 2012, 05:40 ET

HONG KONG, Aug. 20, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that the Company made two new exploration discoveries in Luda 6-2 and Lufeng 15-1.

(Logo: http://www.prnasia.com/sa/200701301659.jpg )

Luda 6-2 is located in the Liaodong Bay in Bohai with an average water depth of about 31 meters. The Company has successfully drilled Luda 6-2-4 and Luda 6-2-5 this year and encountered 40 and 147.6 meter thick of oil pay zones respectively. The average daily production was tested to be around 850 barrels.

In addition, Lufeng 15-1 is located in the Pearl River Mouth Basin with an average water depth of 283 meters. Lufeng 15-1-2 drilled in 2012, encountered 26.8 meter thick of oil pay zones and was tested with a daily production of around 800 barrels.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "I am very delighted that the Company made the new discovery in the new formation of Luda 6-2 structure in offshore China. Moreover, the successful drilling of Lufeng 15-1 strongly promoted the oil and gas exploration activities in the area of this structure as well as opened up a new chapter of the independent exploration in the Pearl River Mouth Basin."

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "believe", "intend", "expect", "anticipate", "project", "estimate", "plan", "predict" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company has filed from time to time with the United States Securities and Exchange Commission, including 2011 Annual Report on Form 20-F filed on April 20, 2012.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8091
Fax: +852-2510-8199
E-mail: [email protected]

SOURCE CNOOC Limited