April 22, 2013
(the "Company", NYSE: CEO, SEHK: 00883) announced today that Weizhou 6-12 oil field has recently commenced production.
Weizhou 6-12 oil field is located in Beibu Gulf Basin in the north part of the South China Sea with an average water depth of about 29.2 meters. The project has 10 producing wells and is expected to hit its peak production in 2013.
The Company holds 51% interest and acts as the Operator of Weizhou 6-12 oil field. The partners of this oil field are Roc Oil (
) Company, Horizon Oil (Beibu) Ltd (including Petsec Petroleum LLC) and Oil Australia Pty Ltd.
Notes to Editors:
More information about the Company is available at
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 analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions 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, 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 has filed from time to time with the United States Securities and Exchange Commission, including 2011 Annual Report on Form 20-F filed on
April 20, 2012
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 realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.