CNOOC Establishs Presence in Outer Browse Basin in Australia

CNOOC Limited has signed Farm-in Agreements with BHP Billiton Limited and Kerr-McGee Australia Exploration and Production Pty Ltd through its subsidiary, CNOOC Australia E&P Pty Ltd, for Exploration Permits WA-301-P, WA-303-P, WA-304-P and WA-305-P in the Outer Browse Basin of Australia. CNOOC Ltd. thus earned a 25% interest in each of the Permits.

The above blocks are located in the Outer Browse Basin, northwest offshore Australia. These blocks are about 300 kilometers away from the costal line and cover a total acreage of 21,000 square kilometers with water depth around 2000 meters. The Operator of the four Permits is BHP Billiton.

Mr. Yang Hua, CFO and Executive Vice President of the Company commented, "Further expansion of our natural gas business in Australia indicated our strengthened strategies for overseas development. Our partners have conducted significant studies on these exploration blocks. I believe that all parties' joint efforts will bring out the huge exploration potential in the Outer Browse Basin."

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