(Hong Kong, January 23, 2011)–CNOOC Limited (the "Company", NYSE: CEO, SEHK: 0883) is pleased to announce today that it has priced, through CNOOC Finance (2011) Limited, its wholly owned subsidiary, an aggregate principal amount of US$1.5 billion 4.25% Guaranteed Notes due 2021 (the "2021 Notes") and an aggregate principal amount of US$0.5 billion 5.75% Guaranteed Notes due 2041 (the "2041 Notes" and, together with the 2021 Notes, the "Notes").
The 2021 Notes will bear interest from January 26, 2011 at the rate of 4.25% per annum, payable semi-annually in arrears from January 26, 2011. The 2041 Notes will bear interest from January 26, 2011 at the rate of 5.75% per annum, payable semi-annually in arrears from January 26, 2011.
The Notes will be issued by CNOOC Finance (2011) Limited and guaranteed by the Company. The net proceeds will be advanced by CNOOC Finance (2011) Limited to the Company or a company controlled by the Company and used for general corporate purposes.
The Notes are expected to be rated "Aa3" by Moody's Investors Service and "AA-" by Standard & Poor's Ratings Services.
An application has been made for listing of the Notes on the Hong Kong Stock Exchange. Admission to the official list of the Hong Kong Stock Exchange is not to be taken as an indication of the merits of the Company, CNOOC Finance (2011) Limited or the Notes.
Mr. Zhong Hua, Chief Financial Officer of the Company, commented, "The Company has established and is implementing an active but prudent business development plan. We will continue to enhance our financial flexibility by tapping various funding sources to support business growth, while maintaining a prudent financial policy and strong financial position. "
Mr. Yang Hua, Vice Chairman and Chief Executive Officer of the Company, said, "The offering of the Notes is of significance for the Company and underscores positive recognition of our business model by the financial markets."
Barclays Capital, BOC International, BofA Merrill Lynch, Citi, Goldman Sachs (Asia) L.L.C. and J.P. Morgan, are acting as the Joint Lead Managers and Joint Bookrunners for the offering of the Notes.
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CNOOC Limited along with its subsidiaries (the "Group") is an upstream company specialized in the exploration, development and production of oil and natural gas. The Group is a dominant oil and natural gas producer in offshore China and is also one of the largest independent oil and gas exploration and production companies in the world in terms of reserves and production. More information about the Company is available at .
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This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes and the related guarantees have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and its management and financial statements.
This press release includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospects or financial results. The words "believe", "intend", "expect", "anticipate", "project", "estimate", "plan", "predict" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations.
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For further enquiries, please contact:
Mr. Jiang Yongzhi
Joint Company Secretary and General Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1731
Fax: +86-10-8452-1441
E-mail: jiangyzh2@cnooc.com.cn
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