Mid-sized offshore oil discovery for CNOOC in Eastern South China Sea

Source:CNOOC Limited

Mid-sized offshore oil discovery for CNOOC in Eastern South China Sea

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company made a mid-sized new discovery Lufeng14-4 in the Eastern South China Sea.

The Lufeng14-4 structure is located in Lufeng Sag in the Pearl River Mouth Basin of the South China Sea with an average water depth of 145 meters. The discovery well Lufeng14-4-1 was drilled and completed at a depth of 4,098 meters and encountered oil pay zones with a total thickness of approximately 150 meters. The oil production of the well tested around 1,320 barrels per day.

The successful exploration of Lufeng14-4 demonstrated the Company's remarkable breakthrough in the exploration area of the Paleogene System,and further proved the huge exploration potential of the Paleogene System in the Pearl River Mouth Basin.

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