Stock Monitor: Advantage Oil & Gas Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 22, 2018 / If you want access to our free research report on CNOOC Ltd (NYSE: CEO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CEO as the Company's latest news hit the wire. On May 18, 2018, the Company announced that its parent company, China National Offshore Oil Corp. ("CNOOC"), has inked two production sharing contracts (PSCs) with Husky Oil Operations (China) Ltd ("Husky") for Block 22/11 and 23/07 in the South China Sea. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Terms of the PSCs
- Husky will act as the operator during the exploration period and conduct exploration activities in the two blocks, in which all expenditures incurred will be borne by Husky.
- Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the blocks.
- After signing the above-mentioned PSCs, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under PSCs to CNOOC China Ltd, a subsidiary of CNOOC Ltd.
About Block 22/11 and 23/07
Block 22/11 and 23/07 are located in the Beibu Gulf of the South China Sea. The Block 22/11 covers a total area of 1,663 square kilometers with a water depth of 40-80 meters and the Block 23/07 covers a total area of 1,210 square kilometers with a water depth of 20-40 meters.
CNOOC Ltd's Key Operational Statistics for Q1 2018
On April 20, 2018, the Company announced its key operational statistics for the first quarter of 2018 (Q1 FY18). CNOOC achieved total net production of 120.1 million barrels of oil equivalent ("BOE") for Q1 FY18, representing an increase of 0.8% year-over-year (YoY). Production from offshore China decreased 1.2% YoY to 77.5 million BOE, mainly due to normal decline of the producing fields. Overseas production increased 4.7% YoY to 42.6 million BOE, mainly driven by production growth of Missan project in Iraq and an increase of interests held by Bridas in Pan American Energy.
During the period, the Company made six new discoveries and drilled 15 successful appraisal wells. In Eastern South China Sea, new discoveries of Enping 10-2 and Enping 15-2 were expected to be jointly developed with Enping 15-1 to become a mid-sized oilfield. Two other new discoveries, Ranger and Pacora, were made at the Stabroek block in Guyana, which represented the sixth and seventh oil discoveries at the block to date.
About Husky Oil Operations (China) Ltd
Husky has two core businesses, its Integrated Corridor operates in Western Canada and the United States, where thermal production is integrated with the Downstream business and supported by Western Canada operations.
Offshore the Company is focused in Asia/Pacific and Atlantic regions. The Company's business strategy is to focus on returns from investment in a deep portfolio of opportunities that can generate increased funds from operations (FFO) and free cash flow.
About CNOOC Ltd
Founded in 1999 and headquartered in Beijing, China, CNOOC Ltd is devoted to providing the society with higher quality energy products and marketing services in safe, efficient, and environmentally friendly manners.
Stock Performance Snapshot
May 21, 2018 - At Monday's closing bell, CNOOC's stock advanced 1.60%, ending the trading session at $184.85.
Volume traded for the day: 182.14 thousand shares, which was above the 3-month average volume of 153.73 thousand shares.
Stock performance in the last month – up 10.14%; previous three-month period – up 27.30%; past twelve-month period – up 56.16%; and year-to-date - up 28.76%
After yesterday's close, CNOOC's market cap was at $80.86 billion.
Price to Earnings (P/E) ratio was at 21.29.
The stock has a dividend yield of 2.77%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 0.7% at the end of the session.
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