CNOOC‘s Successful Oil Appraisal In South China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 09:13

Jan 2, 2003

CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) today announced the success of an appraisal well, XJ23-1-4 in the Pearl River Mouth Basin of the Eastern South China Sea at the end of last year.

XJ23-1-4, an appraisal well on XJ23-1 discovery, is located about 19 km west of XJ24-3 oil field and 1 km south of XJ23-1-1 discovery well. During two drill stem tests, the well flowed over 4000 barrels of API 24.51-31 degrees crude per day on 15/64?? and 30/64?? chokes.

Mr. Ru Ke, Executive Vice President of the Company, commented: "The well encountered about 50 meters of pay zones. It shows that the Pearl River Mouth Basin continues to offer new hydrocarbon prospects."

The Company acts as the operator and owns 100% of the discovery.

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