Aug. 20, 2013
(the "Company", NYSE: CEO, SEHK: 00883) today announced its interim results ended
June 30, 2013
For the first half of the year, the Company's total net oil and gas production rose 23.1% year-on-year (YOY) to 198.1 million barrels of oil equivalent (BOE), in which Nexen contributed 24.8 million BOE. Without Nexen's production output, the production growth was 7.7%.
Mainly attributed to the reduced price of the fuel oil and petroleum product in the Far East, the Company's average realized oil price dropped to
per barrel, representing a decrease of 10.9% YOY. Affected by the lower realized natural gas price of Nexen, the Company's average realized natural gas price declined 3.7% YOY to
per thousand cubic feet.
Benefited from the rising net oil and gas production, the oil and gas sales and net profit of the Company reached
, representing an increase of 15.8% and 7.9% YOY respectively. The Company's all-in cost increased 22.4% YOY to
per BOE, primarily due to the acquisition of Nexen. Taking out Nexen's impact, the all-in cost would be
per BOE, representing an increase of 9.3% YOY.
In the area of exploration, the Company made 7 new discoveries and 18 successful appraisal wells in offshore
. The discovery of Bozhong 8-4 indicated an important breakthrough of Neogene from uplift to sag and created a new exploration area in the west slope of Bozhong sag. In the meanwhile, the new discovery of Kenli 10-4 uncovers the new area of oil and gas exploration in the north slope of Laizhou bay sag.
In the area of overseas, the Company has completed the acquisition of Nexen on 26 February. The integration work after the transaction has made impressive progress. Meanwhile, we are working diligently towards getting the Company listed at Toronto Stock Exchange (TSX).