Discovery Confirmed by Successful Appraisal Wells in Bohai Bay

abarrelfullabarrelfull wrote on 27 Aug 2014 07:14

June 26, 2002

CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) announced today that the company had completed two successful independent appraisal wells, LD4-2-1, LD5-2-1, in the northern part of Bohai Bay.

LD4-2-1, drilled on LD4-2 discovery made by wildcat SZ 36-1W-2 earlier, is located about 5 kilometers southwest of SZ36-1 oil field. The well flew 1,000 barrels of 24-26 API crude per day during two drill stem tests.

LD5-2-1, 2 kilometers west of the SZ36-1 oil field, is an appraisal well on LD 5-2 discovery made by wildcat SZ36-1-11. The well flew over 200 barrels of 14.7-16 API crude per day during drill stem tests.

"Our cluster exploration program continues to deliver positive results. These well results are both geologically important and commercially attractive due to their proximity to existing producing facilities", said Mr. Ru Ke, Executive Vice President of the company.

Both wells were 100% CNOOC wells.

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