CNOOC reports mid-sized oil discovery offshore China

Offshore staff

HONG KONGCNOOC Ltd. (NYSE: CEO, SEHK: 00883, TSX: CNU) has made a mid-sized new oil discovery from the Lufeng14-4 structure in the eastern section of the South China Sea.

The Lufeng14-4 structure is located in Lufeng Sag in the Pearl River Mouth basin of the South China Sea, which has an average water depth of 145 m (476 ft). The discovery well Lufeng14-4-1 was drilled and completed at a depth of 4,098 m (13,445 ft) and encountered oil pay zones with a total thickness of 150 m (492 ft). The oil production of the well tested around 1,320 boe/d.

CNOOC believes that these results further prove the exploration potential of the Paleogene system in the Pearl River Mouth basin.

11/19/2014

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