CNOOC Ltd. Announces Another Significant Deepwater Gas Discovery in South China Sea
Published In: Business, China 
Tuesday, December 8, 2009 5:13 AM
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HONG KONG, Dec. 8 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or
"CNOOC Ltd.", NYSE: CEO, SEHK: 0883) announced today that its partner, Husky
Oil China Limited (a subsidiary of Husky Energy Inc., "Husky") had made a new
deepwater gas discovery, LiuHua (LH) 34-2, representing another significant
breakthrough in the deepwater exploration in the South China sea.

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

Following Liwan (LW) 3-1, LH 34-2 becomes the second deepwater gas
discovery made in the Pearl River Mouth Basin in the Eastern South China Sea.

LH 34-2 was also discovered on Block 29/26. The discovery well LH 34-2-1
was located about 23 kilometers northeast of LW 3-1 gas field. The well, in a
water depth of 1145 meters was drilled to a total depth of 3449 meters.

During drill stem tests, the well produced 55 million cubic feet (mmcf) of
natural gas per day.

Mr. Zhu Weilin, Executive Vice President of the Company and General
Manager of Exploration Department commented, "We are excited about the new
deepwater discovery LH34-2, which further demonstrates the huge potential in
the deepwater area in South China Sea. We expect the two adjacent discoveries
to be developed in a more efficient way through sharing development
facilities."

In order to determine the full potential of the LH34-2 field, an appraisal
well is planned to be drilled in early 2010 by Husky.

According to the Production Sharing Contract, CNOOC Limited has the right
to participate in up to 51 percent working interest in any commercial
discoveries on Block 29/26.


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. Xiao Zongwei
Joint Company Secretary and General Manager
of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
Email: xiaozw@cnooc.com.cn

Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8082
Fax: +852-2510-8199
Email: sharon.fung@knprhk.com


SOURCE CNOOC Limited


 
Tuesday, December 8, 2009 5:13 AM

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