Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against CNOOC Limited

LOS ANGELES--(BUSINESS WIRE)--

Glancy Binkow & Goldberg LLP announces that all purchasers of the American Depositary Shares (“ADSs”) of CNOOC Limited (“CNOOC” or the “Company”) CEO between January 27, 2011 and September 16, 2011, inclusive (the “Class Period”), have until April 29, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York. The Company owns oil and natural gas properties in Asia, Oceania, Africa, the Americas and offshore China – including the Penglai 19-3 (“PL19-3”) oilfield situated in northern China's Bohai Bay.

The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company's business and financial results, including that: (i) the Company was not In compliance with environmental laws and regulations; (ii) the Company concealed the extent and severity of oil spills that occurred at the PL19-3 oilfield in June 2011; (iii) as news of the oil spills emerged, the Company downplayed its responsibility to effect the cleanup of the oil spills, portrayed itself as being the “non-operator” of the oilfield and, moreover, hindered the cleanup by requiring the operator of the oilfield to use a CNOOC-affiliated company for the cleanup; (iv) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles (“GAAP”); and (v), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's operations and its expected oil production.

Any person or group who suffered a loss as a result of purchasing the ADSs of CNOOC between January 27, 2011 and September 16, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than April 29, 2012. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

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