OREANDA-NEWS. May 10, 2012. CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) is pleased to announce today that it has priced, through CNOOC Finance (2012) Limited, its wholly-owned subsidiary, an aggregate principal amount of USD 1.5 billion 3.875% Guaranteed Notes due 2022 (the “2022 Notes”) and an aggregate principal amount of US\\$ 0.5 billion 5.000% Guaranteed Notes due 2042 (the “2042 Notes” and, together with the 2022 Notes, the “Notes”), reported the press-centre of CNOOC.  

The 2022 Notes will bear interest from 2 May 2012 at the rate of 3.875% per annum, payable semi-annually in arrears from 2 May 2012. The 2042 Notes will bear interest from 2 May 2012 at the rate of 5.000% per annum, payable semi-annually in arrears from 2 May, 2012.

The Notes will be issued by CNOOC Finance (2012) Limited and guaranteed by the Company. CNOOC Finance (2012) Limited intends to advance the proceeds from the Notes to the Company or a company controlled by the Company 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.

Application has been made to the Hong Kong Stock Exchange for listing of, and permission to trade the Notes by way of debt issue to professional investors only. Listing of the Notes on the Hong Kong Stock Exchange is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Finance (2012) Limited.

Mr. Zhong Hua, Chief Financial Officer of the Company, said, “The 2011 bonds traded well on the secondary market post issuance, reflecting investors’ confidence in CNOOC Limited’s strong credit profile. This laid a solid foundation for the successful issuance of the new bonds. The new offering further implements the company’s strategic plan to enhance our financial flexibility by tapping various funding sources to support business growth.”

Mr. Li Fanrong, Chief Executive Officer of the Company, said, “One year after the 2011 offering, the Company revisits the international bond market and the new offering has been well echoed by international investors. This further illustrates positive recognition of our operating strategy and business model by the financial markets.”

Barclays Bank PLC, BOCI Asia Limited and Citigroup Global Markets Inc. are acting as the Joint Lead Managers and Joint Bookrunners for the offering of the Notes.