New Gas Discovery Made In South China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 06:59

September 12, 2002

CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) announced today that a gas wildcat well, PY34-1-1, confirmed gas discovery in PY34-1 area of South China Sea. The well was tested to produce 13 million cubic feet of gas per day.

PY34-1-1, located in the Pearl River Mouth Basin of Eastern South China Sea, is about 30 kilometers southwest of PY30-1, a previously discovered gas bearing structure albeit untested.

Mr. Ru Ke, Executive Vice President of the Company, said, "The success of this well and a series of other gas discoveries made in this area may be showing us a pattern of how gas reserves are deposited in this area. We may be looking at ′cluster development′ for gas if more meaningful gas accumulations are found."

The discovery is 100% owned by the Company.

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