CNOOC Limited - A Mid-sized Discovery Lufeng14-4 Made in Eastern South China Sea

HONG KONG, Nov. 19, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company made a mid-sized new discovery Lufeng14-4 in the Eastern South China Sea.

The Lufeng14-4 structure is located in Lufeng Sag in the Pearl River Mouth Basin of the South China Sea with an average water depth of 145 meters. The discovery well Lufeng14-4-1 was drilled and completed at a depth of 4,098 meters and encountered oil pay zones with a total thickness of approximately 150 meters. The oil production of the well tested around 1,320 barrels per day.

The successful exploration of Lufeng14-4 demonstrated the Company's remarkable breakthrough in the exploration area of the Paleogene System，and further proved the huge exploration potential of the Paleogene System in the Pearl River Mouth Basin.

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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SOURCE: CNOOC Limited

For further enquiries, please contact: Ms. Michelle Zhang, Deputy Manager, Media / Public Relations, CNOOC Limited, Tel: [phone], Fax: [phone], E-mail: [email protected]; Ms. Cathy Zhang, Hill+Knowlton Strategies Asia, Tel: [phone], Fax: [phone], E-mail: [email protected]