The HKSAR Government’s measures to promote the addition of RMB-denominated stock trading counters and improve the trading environment in Hong Kong are supported by CNOOC Limited

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3 October 2022, Hong Kong /PRNewswire — The Hong Kong Special Administrative Region (HKSAR) Government’s initiatives to encourage the addition of RMB-denominated stock trading counters as well as optimize the trading mechanism in Hong Kong are supported by CNOOC Limited (the “Company”, SEHK: 00883, SSE: 600938), the company is pleased to announce today.

HKSAR

The company took note of the briefing given by Mr. Christopher Hui Ching-yu, the HKSAR’s Secretary for Financial Services and the Treasury, during today’s Legislative Council Panel on Financial Services.

In order to promote the issue and trading of dual currency securities in Hong Kong and improve the resulting trading system, Mr. Hui made the proposal. These ideas aim to speed up the issue and trading of RMB-denominated securities, increase the liquidity and pricing efficiency of RMB-denominated equities, and more.

HKSAR

The Company applauds the HKSAR’s active campaign to encourage more publicly traded companies to add RMB-denominated stock trading counters, as well as the ongoing negotiations between the HKSAR and mainland institutions to include the proposed RMB-denominated stock trading counters in the Hong Kong Stock Connect.

These initiatives will not only make it easier for mainland investors to use RMB to participate in the Hong Kong Stock Connect and increase the depth and liquidity of the offshore RMB market, but they will also encourage the issuance and trading of RMB-denominated stocks, accelerating the process of RMB internationalization.

HKSAR

The HKSAR’s attempts to advance the growth of offshore RMB business in Hong Kong, as well as efforts to improve the issuance and trading mechanism of dual currency equities based on the Hong Kong dollar and RMB, are supported by CNOOC Limited.

A dual currency stock market maker mechanism will be established as part of these initiatives, and stamp duty on the sale of shares used in pertinent market-making and arbitrage transactions will be exempt.

 HKSAR

The Company intends to investigate the viability of opening a stock trading counter in Hong Kong denominated in RMB.

The Company would then think about opening an RMB-denominated trading counter after satisfying necessary internal approval requirements following the Legislative Council’s approval of the pertinent proposals, with the transaction settlement rules and mechanisms in place, helping to advance the internationalization of RMB

This press release contains forward-looking information, such as predictions of expected future events, business prospects, or financial results, as well as statements about the likely future developments in the operations of the Company and its subsidiaries.

Such forward-looking statements are to be identified by terms like “expect,” “anticipate,” “continue,” “estimate,” “objective,” “ongoing,” “may,” “will,” “project,” “should,” “believe,” “plans,” and “intends.”

These assumptions and analyses were made by the company as of this date based on its experience, perception of past trends, the present status of the economy, anticipated future developments, and other considerations that the company currently believes are reasonable under the circumstances.

3 October 2022

However, it is questionable if actual outcomes and developments will live up to the Company’s current projections and aspirations.

The Company’s expectations may be materially exceeded by actual results, performance, and financial condition, including but not limited to those related to changes in the price of crude oil and natural gas, macropolitical and economic factors, adjustments to the tax and fiscal systems of the host countries in which we operate,

3 October 2022

the intense competition in the oil and natural gas industry, environmental responsibility and compliance requirements, the Company’s price for its shares, and the Company’s price for its common stock

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