On 18 November 2019, Smart Oil Investment Ltd completed the sale of 1.04% interest of Block 05/31 PSC in the offshore Bohai Gulf Basin to Northern Offshore Ltd, after having entered into the sale and purchase agreement on 15 July 2019. Under the terms of the agreement, Northern Offshore had acquired a 1.04% participating interest in Block 05/31 PSC for RMB 50 million (US$ 7.08 million). Block 05/31 PSC contains the Caofeidian 1-2 and Caofeidian 2-4 oil discoveries. Following the completion of the deal, rightholders of Block 05/31 PSC are Smart Oil (98.96%, operator) and Northern Offshore (1.04%), with CNOOC having the rights to participate for up a further 51% of any development. <P />
Smart Oil Investment Ltd completed the sale of 1.04% interest of Block 05/31 PSC in the offshore Bohai Gulf Basin to Northern Offshore Ltd, after having entered into the sale and purchase agreement on 15 July 2019. Under the terms of the agreement, Northern Offshore had acquired a 1.04% participating interest in Block 05/31 PSC for RMB 50 million (US$ 7.08 million). Block 05/31 PSC contains the Caofeidian 1-2 and Caofeidian 2-4 oil discoveries. Following the completion of the deal, rightholders of Block 05/31 PSC are Smart Oil (98.96%, operator) and Northern Offshore (1.04%), with CNOOC having the rights to participate for up a further 51% of any development. 