CNOOC Finalizes Acquisition of OPTI

CNOOC announced that CNOOC Luxembourg S.a r.l, an indirect wholly-owned subsidiary of the Company, has completed its acquisition of OPTI Canada Inc. ("OPTI"). The total value of the consideration is approximately US $2.1 billion. An application to delist the OPTI Shares will be filed by OPTI with the TSX Venture Exchange on the completion date to coincide with the completion of the transaction. Subject to approval by the TSX Venture Exchange, the delisting of the OPTI Shares is anticipated to be effective on December 1, 2011. In addition, OPTI will redeem on December 28, 2011 all of its outstanding First Lien Notes at a price equal to 102% of the principal amount of the First Lien Notes plus accrued and unpaid interest to the date of redemption, pursuant to the indentures governing the First Lien Notes. The First Lien Notes consist of US $525 million principal amount of 9% First Lien Notes due 2012 and US $300 million principal amount of 9.75% First Lien Notes due 2013.

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