CNOOC Pens PSC with Primeline for Block in East China Sea

CNOOC Limited announced Monday that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Primeline Energy China Limited (PECL) and Primeline Petroleum Corporation (PPC) (jointly as "Primeline") for Block 33/07 in the East China Sea.

Block 33/07 is located about 242 miles (390 kilometers) of Shanghai in the East China Sea. It covers a total area of 2,269 square miles (5,877 square kilometers), with water depth of 295 feet (90 meters).

According to the terms of the contract, Primeline will conduct 3D seismic data survey and drill exploration wells in Block 33/07 during the exploration period, in which all expenditures incurred will be borne by Primeline. CNOOC has the right to participate in up to 51 percent working interest in any commercial discoveries in the block.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "This is the fourth Petroleum Contract that Primeline has signed with CNOOC. We value our relationship with Primeline and expect great results from our cooperation."

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