CNOOC Ltd. Made Important Discovery PL9-1 in Bohai Bay

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Apr 19, 2010, 02:04 ET

HONG KONG, April 19 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO, HKEx: 0883) announced today that the Company has successfully made an important new discovery -- Penglai(PL)9-1 in the Eastern Bohai Bay.

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

The new discovery -- PL9-1 is located in the Miaoxibei Uplift in the Eastern Bohai Bay. The discovery well PL9-1-2 penetrated oil pay zones with total thickness of 77 meters and fractured zone of buried hill with total thickness of 158 meters. The well drilled to a total depth of 1,505 meters, with water depth of about 29 meters.

The Company has conducted drill stem test for three layers, and during the test the well flowed at an average rate of 540 barrels of oil per day.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "This discovery opens up a new prospect for exploration in Bohai Bay. We believe that with further appraisals in the future PL9-1 is expected to become a significant discovery in this area."

    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 us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties, which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2008 Annual Report on Form 20-F filed on May 8, 2009.

    For further enquiries, please contact:

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

     Ms. Sharon Fung
     Vice President
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199
     Email: [email protected]

SOURCE CNOOC Limited