CNOOC, Primeline sign PSC for East China Sea block

China National Offshore Oil Corp. (CNOOC) has signed a production sharing contract with Primeline Energy China Ltd. and Primeline Petroleum Corp. for East China Sea block 33/07.

Jun 18th, 2012

Offshore staff

HONG KONG –China National Offshore Oil Corp. (CNOOC) has signed a production sharing contract with Primeline Energy China Ltd. and Primeline Petroleum Corp. for East China Sea block 33/07.

The 5,877 sq. km (2,269 sq. mi) area is 390 km from Shanghai and has 90 m (295 ft.) water depth.

By contract, Primeline with conduct a 3D seismic survey and drill some number of exploration wells. If successful, CNOOC can participate in as much as 51% working interest in any commercial discoveries.

6/18/2012

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