April 26, 2013
(the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its key operational statistics for the first quarter of 2013.
During the quarter, the Company achieved a total net production of 93.6 million barrels of oil equivalent (BOE), representing 17.3% increase year over year (YoY), primarily attributable to the production contribution from the acquisition of Nexen Inc ("Nexen") , the new oil and gas projects on stream, the resumption of Penglai 19-3 oil field and the overseas projects.
For the first quarter, the Company made four new discoveries and six successful appraisal wells in offshore
. The appraisal confirmed that Penglai 15-2 was a mid to large sized crude oil discovery. In the perspective of overseas development, the Company successfully completed the acquisition of Nexen.
Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately
during the period, representing an increase of 13.3% YoY. In the first quarter, the Company's average realized oil price decreased 8.7% YoY to
per barrel. The Company's average realized gas price went down 1.5% YoY to
per thousand cubic feet, primarily due to the relatively lower realized gas price of Nexen.
During the period, the Company's capital expenditure for exploration, development and production reached approximately
, representing an increase of 53.5% YoY.
, Chief Executive Officer of the Company commented, "I am very glad to see that the Company had made significant progress in exploration and production for the first quarter, particularly the successful appraisals in Bohai has further strengthened our sustainable development in the future."
Notes to Editors: