June 20, 2013
(the "Company", NYSE: CEO, SEHK: 00883) announced that the subsea natural gas pipeline of Zhuhai Terminal, leaked in
, has been restored recently. The Zhuhai Terminal has also resumed normal production.
The subsea natural gas pipeline of Zhuhai Terminal was found damaged with a leakage caused by external forces in
. After a series of intensive repairs, the Company has completed the temporary restoration in mid
and soon supplied the natural gas to the customers.
As the leakage point of the pipeline was located in a place that faced with severe weather conditions which brought challenges to the routine engineering resources and operational techniques. The restoration team achieved zero failure rates through using innovative construction methods and strengthening quality control and lately completed the restoration work successfully.
Zhuhai Terminal, located in Hengqin island of Zhuhai city, is the gas processing terminal for the joint development of natural gas project of both PY30-1 gas field and HZ oil and gas field.
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, whether the transactions entered into by the Company can complete on schedule pursuant to its 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 has filed from time to time with the United States Securities and Exchange Commission, including 2012 Annual Report on Form 20-F filed on
April 24, 2013
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.