CNOOC Announced New Oil Find in South China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 07:42

October 15, 2003

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 883) announced today that a successful appraisal well, Weizhou ("WZ") 11-1-2, in Beibu Gulf of Western South China Sea, confirms commercial oil deposits in the area.
WZ11-1-2, located about 0.4 kilometers east of the original discovery well, Wan 1, was drilled to a total depth of 3190 meters in 39.5 meters of water. It flowed crude of 42-45 degree API at an average rate of 8,200 barrels of oil and 13 million cubic feet of gas per day during drill stem test.

Mr. Zhang Guohua, Senior Vice President of the Company, commented, "The appraisal result is encouraging. It confirms the commerciality of the discovery and reveals new prospects in the area."

CNOOC Limited is the operator and has a 100% working interest in this prospect.

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