CNOOC Unlocks New Oil and Gas Discovery in Bohai Bay

CNOOC has successfully drilled a new discovery in Bohai Bay. The newly discovered JZ 20-2N field is located in the northeast of Liaodong Bay, about 4 kilometers north to JZ 20-2 gas field.

The discovery well JZ 20-2N-1 penetrated oil pay zones with total thickness of 33.4 meters. The well drilled to a total depth of 3,720 meters, with water depth of about 16 meters. The well was tested to flow at an average rate of 1,900 barrels of oil and 3,450 thousand cubic feet of natural gas per day via 8.73mm choke.

Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "This year we have found a series of discoveries including BZ 2-1, QHD 29-2 and JZ 20-2N. We believe they will contribute to the Company's mid to long term reserve growth."

The Company will commence appraisal drilling for JZ 20-2N to determine the discovery's reserve scale and commerciality.