CNOOC Signs New PSC with Primeline

CNOOC has signed a Production Sharing Contract (PSC) with Primeline Energy China limited and Primeline Petroleum Corporation (jointly as "Primeline") for Block 25/34 in the East China Sea.

Block 25/34 covers a total area of 7006 square kilometers and is located about 390 kilometers southeast of Shanghai, in water depth ranging from 75 to 95 meters. Under the terms of the contract, Primeline will acquire additional seismic and drill exploration wells during the exploration period, Primeline will fund 100 percent exploration expenditure in the exploration period and CNOOC has the right to participate with up to a 51% interest at no cost in any commercial discoveries in the block.

Mr. Zhang Guohua, Senior Vice President of the Company commented, "We are committed to both PSC and independent explorations. We believe the singing of the PSC will further help brighten the prospect of Block 25/34."

This is the third PSC contract signed between CNOOC and Primeline.

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