First Breakthrough Made on Independent Deepwater Exploration in Qiongdongnan Basin

Source Company Press Release
Company CNOOC Limited
Tags Corporate: Overview/Strategy, Country: China, Hong Kong, United States, Upstream: Drilling Activity, Upstream News
Date March 19, 2014

CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) today announced that the Company has recently made a new mid-sized gas discovery Lingshui17-2, which indicated the first breakthrough on the independent deepwater exploration in Qiongdongnan Basin of South China Sea.

Lingshui17-2 is located in the east Lingshui Sag in deepwater area of Qiongdongnan Basin, with the average water depth of about 1,450 meters. The discovery well Lingshui17-2-1 is drilled and completed at a depth of 3,510 meters and encountered the gas reservoir with a total thickness of about 55 meters.

The discovery has not only proven the exploration potential of structural and lithologic trap in central Canyon channel of Lingshui Sag, but also further confirmed the good exploration prospects in deepwater area of Qiongdongnan Basin.

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