CNOOC's Nanbao 35-2-7 Well a Success

CNOOC Limited announced the success of Nanbao 35-2-7, an appraisal well in Nanbao 35-2 oil field in the Southern part of Bohai Bay.

The wildcat that discovered Nanbao 35-2 was spud in 1996. The initial appraisal allowed the Company to book around 65 million barrels of recoverable oil reserve. The field is 100% owned by the Company.

Nanbao 35-2-7 is 1.4 km northeast from the initial wildcat well Nanbao 35-2-1 and reached the depth of 1,473 meters. It encountered 64 meters of net pay zone. The success is expected to increase the reserve size by roughly 25%. The well was tested to produce 432 barrels per day of 16 Degree API crude. Another appraisal well in being drilled.

Mr. Ru Ke, Senior Executive Vice President of the Company said, "The success of this well is expected to add reserves to the field and make the development more attractive."