CNOOC Ltd’s Partner Makes A New Discovery In South China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 10:49
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Dec 19, 2005

CNOOC Limited (the "Company" or “CNOOC Ltd.”; NYSE “CEO”, SEHK “883”) announced today that its partner Eni has made a new discovery Huizhou (HZ) 25-4 in the Eastern South China Sea.

The discovery well HZ25-4-1 is located in Block 16/19 in the Pearl River Mouth Basin, about 180 kilometers southeast of Hong Kong. The well was drilled to a total depth of more than 3,900 meters in about 102 meters of water. During the drill stem test, HZ25-4-1 was tested to produce approximately 5000 barrels of high quality oil per day.

Mr. Zhu Weilin, Vice President of the Company and General Manager of exploration department commented, ”I am pleased to know that our partner has scored another success in the Pearl River Mouth Basin. Due to its proximity to the existing production facilities of HZ19-3/2/1, the HZ25-4 discovery is more likely to be commercially viable.”

According to the Production Sharing Contract, the Company has the right to acquire up to 51% working interest in any commercial discoveries in the block.


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