CNOOC reportd that Mr. Li Fanrong has been appointed as the new Chief Executive Officer of the Company with effect from November 23, 2011.

The Board also declared that, due to his responsibility as the President of China National Offshore Oil Corporation which requires more of his time, Mr. Yang Hua resigned as Chief Executive Officer of the Company with effect from November 23, 2011. Accordingly, he was re-designated from an Executive Director of the Company to a Non-executive Director of the Company on the same day. Mr. Yang continues to serve as the Vice Chairman of the Board and will primarily focus on the strategy of the Company.

Appointment of Chief Executive Officer

The board of directors of CNOOC Limited announced that Mr. Li Fanrong has been appointed as the new Chief Executive Officer of the Company with effect from November 23, 2011.

Resignation of Chief Executive Officer and Re-designation as Non-executive Director

The Board also announces that, due to his responsibility as the President of CNOOC which requires more of his time, Mr. Yang Hua resigned as Chief Executive Officer of the Company with effect from November 23, 2011. Accordingly, he was re-designated from an Executive Director of the Company to a Non-executive Director of the Company on the same day. Mr. Yang continues to serve as the Vice Chairman of the Board and will primarily focus on the strategy of the Company. Mr. Yang has confirmed that there is no matter relating to his re-designation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

As at the date of this announcement, Mr. Yang has not held any directorship in any other listed public companies in the last three years and does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Future Ordinance.

Save as aforesaid, Mr. Yang does not have any relationship with any other Director, senior management, substantial shareholder or controlling shareholder of the Company.

Under the service agreement between the Company and Mr. Yang, Mr. Yang's emoluments comprise an annual director's fee of HK$950,000 (before deduction of Hong Kong tax) and he is an eligible person under the Company's share option schemes. The emolument of Mr. Yang was determined by the Board with reference to perception of industry standards and prevailing market conditions. The Remuneration Committee will review the level of directors' remuneration from time to time and make recommendation to the Board for adjustments if necessary. Mr. Yang's appointment continues for a period of twelve months and would be renewed annually as determined by the Board or the shareholders of the Company, subject to three months' notice of termination by either party. Mr. Yang is subject to the provisions of his service agreement and the retirement provisions in the Articles of the Company.

Tags: CNOOC Limited