CNOOC Strikes Oil Pay Offshore China

CNOOC Limited today announced that the Company has recently appraised two wells in Qinghuangdao 29-2 east successfully.

Qinhuangdao 29-2 is located in the central north of Bohai, with an average water depth of about 27 meters. These two successful appraisal wells expanded the reserve base of Qinghuangdao 29-2. Qinghuangdao 29-2E-4 drilled in the middle formation of the Qinghuangdao 29-2 east structure represented a significant breakthrough by encountering 218.4 meter thick of oil pay zones, including a 133.7 meter thick single oil pay zone.

This well was tested to produce approximately 6,600 barrels and 4.5 million cubic feet of natural gas per day, creating the highest capacity of clastic rocks in Bohai.

Mr. Li Fanrong, CEO of the Company commented, “I am very pleased that the Company has realized another large discovery through these successful appraisals. I believe Qinghuangdao 29-2 will provide firm support to the Company’s reserve and production growth in the near future.”

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Press Release, August 14, 2012