CNOOC Limited Announces New Discovery Jinzhou 23-2 in Bohai

HONG KONG, October 24, 2014 /PRNewswire/ --

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company made a mid-to-large new discovery Jinzhou 23-2 in Bohai.

Jinzhou 23-2 structure is located in the north part of Liaodong Uplift of Bohai with an average water depth of about 10 meters. The well Jinzhou 23-2-3 is drilled and completed at a depth of 1,097 meters and encountered oil and gas pay zones with a total thickness of 68.4 meters. The oil production of the well was tested around 260 barrels per day.

The exploration success of Jinzhou 23-2 not only demonstrated the structure belt has excellent reservoir quality, but also proved the good exploration prospects in the north part of Liaodong Uplift.

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 "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact: Ms. Michelle Zhang, Deputy Manager, Media / Public Relations, CNOOC Limited, Tel: +86-10-8452-6642, Fax: +86-10-8452-1441, E-mail: MR@cnooc.com.cn; Ms. Cathy Zhang, Hill+Knowlton Strategies Asia, Tel: +852-2894-6211, Fax: +852-2576-1990, E-mail: cathy.zhang@hkstrategies.com