CNOOC withdraws US$1 bln convertible bonds due 2009

CNOOC Ltd<883>, China's largest offshore oil producer, will withdraw the listing of US$1 billion zero coupon guaranteed convertible bonds due 2009, the firm said in an announcement filed to the Hong Kong Stock Exchange.

The firm has applied to the Stock Exchange for the withdrawal, and such withdrawal of listing is expected to become effective at the close of business on Mar. 6, 2008, according to the announcement.

CNOOC has said earlier that the bonds could be converted to shares at HK$5.79 apiece, representing 1.3 billion additional shares if fully converted.

The Group is principally engaged in oil and natural gas exploration, development, production and sales. It operates four major oil production areas offshore China, namely Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea.

The company's H-shares dropped by 5.8%% to close at HK$12.68 yesterday.