CNOOC: Appraisal Confirms Penglai 9-1 is a Large Oilfield (China)

CNOOC Limited today announced that the Company has successfully appraised the Penglai(PL)9-1 hydrocarbon bearing structure following the discovery made in 2010. The appraisal confirmed that PL9-1 is a large oilfield.

PL9-1 is located in the Miaoxibei uplift in the eastern part of Bohai, with an average water depth of 25 meters. One of the appraisal wells PL9-1-5 encountered oil pay zones in buried hill with total thickness of over 200 meters, and the well was tested to produce around 700 barrels of oil per day. PL9-1 is the largest oilfield among the recent years’ discoveries by scale in Bohai.

Furthermore, the Company also made a successful discovery of PL15-2 structure, located 8 kilometers south of PL9-1.The discovery well of PL15-2-1 encountered oil pay zones with total thickness of 83 meters, and the test indicated an average rate of over 1,200 barrels of oil per day.

Mr. Li Fanrong, CEO of the Company commented, “I am delighted the Company has successfully appraised another large discovery in offshore China. I believe the successful appraisal on PL9-1 will open up a new prospect for exploration and development in Eastern Bohai waters as well as make great contribution to maintain steady production in Bohai region.”

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Source: CNOOC, April 17, 2012