OREANDA-NEWS. February 28, 2012. CNOOC Limited (the “Company”, NYSE:CEO; SEHK:0883) announced the closing of the Sale and Purchase Agreements (“SPAs”) between the Company and Tullow Oil plc (“Tullow”), reported the press-centre of CNOOC.

According to the SPAs, the Company purchased one third interest from Tullow in Exploration Areas (“EA”) 1, 2 and 3A in Uganda.

The total consideration of the transaction was approximately USD1.467 billion in cash.

After the transaction, the Company will operate the new Kanywataba license in the former EA 3A, and the Kingfisher production license which was converted due to the discovery in the former EA 3A. Tullow and TOTAL S.A. will operate EA 2 and EA 1 respectively.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, “We are delighted to see the completion of this important transaction which will not only add value to our shareholders but also bring social welfare to the people of Uganda. CNOOC Limited will work closely with our project partners and the Government of Uganda to expedite the development program.”