CNOOC Limited Completed Acquisition of OPTI

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Nov 28, 2011, 09:13 ET

HONG KONG, Nov. 28, 2011 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 0883) announced today that CNOOC Luxembourg S.a r.l, an indirect wholly-owned subsidiary of the Company, has completed its acquisition of OPTI Canada Inc. ("OPTI"). The total value of the consideration is approximately US$2.1 billion. An application to delist the OPTI Shares will be filed by OPTI with the TSX Venture Exchange on the completion date to coincide with the completion of the transaction. Subject to approval by the TSX Venture Exchange, the delisting of the OPTI Shares is anticipated to be effective on December 1, 2011. In addition, OPTI will redeem on December 28, 2011 all of its outstanding First Lien Notes at a price equal to 102% of the principal amount of the First Lien Notes plus accrued and unpaid interest to the date of redemption, pursuant to the indentures governing the First Lien Notes. The First Lien Notes consist of US$525 million principal amount of 9% First Lien Notes due 2012 and US$300 million principal amount of 9.75% First Lien Notes due 2013.

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Mr. Li Fanrong, newly appointed Chief Executive Officer of the Company commented, "Closing of this acquisition demonstrates that the Company has further stepped into the oil sands business, which has become one of the important assets to the Company's global portfolio. Through partnership with Nexen, the Company expects to fully exploit the growth potential of the Long Lake Project and the three other jointly owned oil sands leases. We believe that the project will contribute to the Company's mid to long term reserve and production growth."

The Company's financial advisors are BMO Capital Markets and CIBC World Markets. The Company's legal advisor is Gowling Lafleur Henderson LLP.

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 analyses 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 2010 Annual Report on Form 20-F filed on April 29, 2011.

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:

Mr. Jiang Yongzhi
Joint Company Secretary and General Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1731
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ding Jianchun
Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: [email protected]

Mr. Cao Yan
IR Manager
CNOOC Limited
Tel: +86-10-8452-1417
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