CNOOC Ltd. Announces Successful Appraisal Well in Liwan 3-1

abarrelfullabarrelfull wrote on 28 Aug 2014 07:45

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February 23, 2009

CNOOC Limited (the “Company" or “CNOOC Ltd.”, NYSE: CEO, SEHK: 0883) announced today that the first appraisal well at Liwan3-1 on Block 29/26 has been successfully completed by its partner Husky Oil China Limited (a subsidiary of Husky Energy Inc.).

In August 2004, the parent company of CNOOC Ltd entered into a production sharing contract with Husky for deepwater block 29/26 in the Pearl River Mouth Basin. The Liwan 3-1 discovery was made in the block in 2006.

This first appraisal well, Liwan 3-1-2, is located about 350 kilometers south east of Hong Kong. The drilling activities commenced in November 2008. The total vertical depth of the well is 3,887 meters,with water depth of about 1,345 meters. Drilled on a large structure with 55 square kilometers of mapped closure, the well encountered 36 meters of net gas pay over the main reservoir zone.

Test results of the well showed flow at equipment restricted rate of up to 53 million cubic feet of gas per day, providing further evidence of Liwan 3-1 as a major gas discovery deep water offshore China. Future deliverability is expected to reach over 150 million cubic feet per day.

To clarify the extent of the discovery and determine the flow capacity of the reservoir, further evaluation will be conducted in the near future.

The Company has the right to participate up to 51% working interest during the development period. Husky acts as the Operator in the block.

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