FOR
IMMEDIATE RELEASE
CNOOC
Limited hits 10 new discoveries offshore China
(Hong
Kong, Nov 22
2007) - CNOOC Limited (NYSE: CEO, SEHK: 883, “the Company") announced today,
till now, the company has obtained 10 new oil and gas discoveries offshore
China. Within those 10 discoveries, 9 of them were founded
independently.
In
the first half of
2007, benefiting from in-depth exploration research and intensive offshore
exploration operations, the company made 6 independent oil and gas discoveries:
Bozhong28-2 East, Bozhong26-3, Jinzhou25-1, Weizhou11-7, Weizhou11-8,
and
Weizhou6-1South. Besides, through cooperation with other partner another
discovery, Kenli20-1, was obtained.
Encouraged
by the
exploration results, CNOOC Ltd. has enhanced its exploration in new areas
for
the second half of the year. Up to now, this move has delivered promising
results: there are 3 more independent discoveries founded, PanYu10-2,
Panyu11-5
and Weizhou11-2. During the drilling operation, two discovery wells,
Panyu10-2-1
and Weizhou11-2-1, encountered oil pay zones of accumulative 57 meters
and 64
meters respectively, another discovery well Panyu11-5-1 hit 13-meter
thick
oil-bearing formations.
In
addition, the
Company has made successful appraisals on 7 oil and gas structures: Bozhong28-2
East, Bozhong26-3, Jinxian1-1, Jinzhou25-1, Weizhou11-7, Weizhou11-8
and
Weizhou6-8. Kenli20-1, under PSC cooperation, has also been successfully
evaluated. The evaluation result has shown Jinzhou25-1, Bozhong26-3 and
Weizhou11-7 are likely to be built into mid to
large
oil and gas
fields in the future. The recent discovery Weizhou11-2 also contains
big
potential.
For
year 2007,
productive exploration activities were carried out over Bohai Bay with
5 oil and
gas discoveries. Mr. Zhu Weilin, Executive Vice President of the Company
and
General Manager of Exploration Department commented, “Bohai Bay is the most
important area for the Company’s oil and gas exploration and production. Up to
now, the exploration work commitment and the increase in the reserves
for this
area have again reached a record high. I believe the great potential
of
resources will embrave the Company to further its explorations
activities.”
Mr.
Zhou Shouwei,
President of the Company comments: “The superior exploration position is the
essence for the independent oil and gas E&P Company. As for the traditions,
the Company has kept on injecting plenty of human resources and facilities
and
thus the investment in exploration has increased significantly in year
2007.
Meanwhile, the 10 new discoveries have brought a satisfactory return
to the
Company. In the future, we will continue to steadily advance the exploration
activities, to build a strong fundamental reserve base for the Company’s long
term growth.”
Notes
to Editors:
More
information about the Company is available at
http://www.cnoocltd.com.
***
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***
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 2006 Annual Report on Form 20-F filed
on June
29, 2007.
***
*** ***
***
For
further enquiries, please contact:
Mr.
Xiao Zongwei
General
Manager of
Investor Relations Department
CNOOC
Limited
Tel:
+86-10-8452-1646
Fax:
+86-10-8452-1441
E-mail:
xiaozw@cnooc.com.cn
Ms.
Carol Wong
Account
Manager
Ketchum
Hong
Kong
Tel:
+852-3141-8098
Fax:
+852-2510-8199
E-mail:
carol.wong@knprhk.com