CNOOC Limited Strike Oil in Bohai Bay

abarrelfullabarrelfull wrote on 27 Aug 2014 09:07

February 27, 2003

CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) announced today that a company wildcat, BZ 34-1S-1, hit oil in Bohai Bay.

About 3 kilometers southeast of BZ 34-2 producing oil field, the well is drilled on BZ 34-1S structure in southern Bohai Bay. It flowed about 740 barrels of oil per day on a 1/4-inch choke during two drill stem tests. The crude was 25-33 degrees of API in specific gravity. Well logging data revealed an approximately 140 feet pay zone.

In addition, BZ 34-4-4 and BZ 34-6W-1 on nearby structures also penetrated oil formations interpreted as pay zone by well logging data.

Mr. Ru Ke, Executive Vice President of the Company commented, "Exploration strategy in Bohai Bay continues to pay off. The commercial hurdle for discoveries is decreasing and economic margin is widening since the area infrastructure is rendering synergies to nearby discoveries."

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