First Breakthrough Made on Independent Deepwater Exploration in Qiongdongnan Basin

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Mar 19, 2014, 05:36 ET

HONG KONG, March 19, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced that the Company has recently made a new mid-sized gas discovery Lingshui17-2, which indicated the first breakthrough on the independent deepwater exploration in Qiongdongnan Basin of South China Sea.

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Lingshui17-2 is located in the east Lingshui Sag in deepwater area of Qiongdongnan Basin, with the average water depth of about 1,450 meters. The discovery well Lingshui17-2-1 is drilled and completed at a depth of 3,510 meters and encountered the gas reservoir with a total thickness of about 55 meters.

The discovery has not only proven the exploration potential of structural and lithologic trap in central Canyon channel of Lingshui Sag, but also further confirmed the good exploration prospects in deepwater area of Qiongdongnan 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 "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" 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, whether the transactions entered into by the Company can complete on schedule pursuant to its timetable or at all, 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 2012 Annual Report on Form 20-F filed on April 24, 2013.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the 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. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: [email protected]

SOURCE CNOOC Limited