July 30, 2013
(the "Company", NYSE: CEO, SEHK: 00883) today announced that the Company has made two new exploration discoveries Bozhong 8-4 and Kenli 10-4 in Bohai.
Bozhong 8-4 is located in the west slope of Bozhong Sag in Bohai, with an average water depth of about 28 meters. The Company has already drilled wildcats on this structure before. The discovery well Bozhong 8-4-4 is drilled and completed at a depth of 1,962 meters and encountered oil pay zones and gas reservoir with a total thickness of about 50 meters and 11 meters, respectively. During the test period, the oil production of the well was around 660 barrels per day.
Kenli 10-4 is located in the south slope of Laizhou Bay Sag in Bohai, with an average water depth of about 15 meters. The discovery well Kenli 10-4-1 is drilled and completed at a depth of 2,395 meters and encountered oil pay zones with a total thickness of about 45 meters. During the test period, the oil production of the well was around 2,800 barrels per day.
Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "The successful discovery of Bozhong 8-4 and KL 10-4 has extended our effective exploration activities in Bohai and further proven the rich oil and natural gas resources in this area."
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.