10-24-13 4:30 AM EDT | Email Article

CNOOC Limited Announces Key Operational Statistics of Q3

Canada NewsWire

HONG KONG, Oct. 24, 2013 /CNW/ - CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) is pleased to announce its key operational statistics for the third quarter of 2013.

During the quarter, the Company's total net production rose 17.8% year over year (YOY) to 103.4 million barrels of oil equivalent (BOE) in which Nexen contributed 16.1 million BOE. If excluding Nexen's contribution, the net production for the third quarter of 2013 is basically flat YOY.

The Company made 5 new discoveries and 15 successful appraisal wells in total for the third quarter. In offshore China, we made 2 new discoveries and 10 successful appraisal wells, among which Luda 5-2 North is a mid-sized new discovery and Kenli 9-5/9-6 was proved to be a mid-sized oil and gas structure. In the meantime, the Company made 3 new discoveries and 5 successful appraisal wells in overseas.

On September 18, 2013, CNOOC Limited was listed at the Toronto Stock Exchange (TSX), representing the Company's consistent commitment to the transparency and good corporate governance.

Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately RMB56.14 billion, representing an increase of 15.9% YOY. The Company's average realized oil price increased 1.5% YOY to US$106.26 per barrel while the Company's average realized gas price went down 6.9% YOY to US$5.43 per thousand cubic feet.

Taking out of Nexen's impact, the Company's capital expenditure reached approximately RMB17.7 billion during the third quarter, representing an increase of 18.2% YOY, mainly attributed to the increase of the development projects. For the third quarter of 2013, Nexen's capital expenditure was approximately RMB4.7 billion.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "I am glad to see that the Company made significant progress in exploration for the third quarter,particularly the new discovery Luda 5-2 North and successful appraisal Kenli 9-5/9-6 have further enlarged the reserve scale of Bohai and facilitated our sustainable development in the future."

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words  "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Company can complete on schedule pursuant to its timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company has filed from time to time with the United States Securities and Exchange Commission, including 2012 Annual Report on Form 20-F filed on April 24, 2013.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.


SOURCE CNOOC Limited

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