CNOOC Limited

CNOOC Burma partner owned by "heroin trafficker" family
According to the US Treasury, the partner of CNOOC Ltd (883) in its oil and gas projects in Burma is owned by the daughter-in-law of one of the world's leading heroin traffickers. (26-Feb-08)

CNOOC voting recommendation
We urge shareholders to cast their votes against the re-election of INEDs who have not served them well, and to vote against the general mandate, as usual. We note that one of the candidates appears to have discovered time travel. (16-May-07)

Veto CNOOC loans to parent
CNOOC just never seems to learn, and they are back to seek a new approval from minority shareholders to lend money to a parent vehicle. We call on investors to vote it down, and send a message to China, Inc. that the practice is unacceptable and we will not allow a repeat of the Japanese keiretsu/main bank system. (19-Mar-07)

CNOOC INEDs not unanimous
CNOOC has discovered that one of its INEDs, Goldman Sachs Asia Vice Chairman Ken Courtis, didn't attend the last committee meeting and did not sign off on the proposed amendments as the circular says he did. CNOOC should adjourn Saturday's EGM so that shareholders can have time to consider this new information. (30-Dec-05)

Keep CNOOC's Exclusivity
In an unwanted Christmas message, CNOOC Ltd (0883, NYSE:CEO) is seeking minority shareholders' approval to amend its parent's non-compete undertaking, which currently gives CNOOC an exclusive right to participate in production sharing contracts on discoveries made by foreign partners. We urge investors to vote against this value-destroying proposal. Why give up something so valuable for nothing? (14-Dec-05, updated 18-Dec-05)

CNOOC Censured
Our allegation of Apr-04 against CNOOC Ltd has been proven right. The Listing Committee of the Stock Exchange today issued a public censure of CNOOC for failing to seek shareholders' approval before lending money to its parent's finance company. We look back at the case, and call on the Exchange and SFC to increase transparency over their secret, closed-door disciplinary proceedings. (6-Oct-05)

Listing Committee of SEHK Censures Company
SEHK, 6-Oct-05

Veto COS Loans to CNOOC
In a replay of behaviour in April by CNOOC Ltd (0883), China Oilfield Services Ltd (2883) is now seeking independent shareholders' approval to lend money to its parent group. This time, don't let them get away with it. You have less than a week to vote against, so vote now! (26-Oct-04)

CNOOC's Sister Knew
On Monday, Webb-site.com broke the story of how CNOOC had been lent up to RMB6.6bn to its parent group without shareholders' approval. Since then, media have reported that the Stock Exchange is looking into the matter, and that the company's CFO claims no rules were broken - a claim which does not stand up to our scrutiny. (22-Apr-04)

Veto CNOOC Loans to Parent Group
We urge minority shareholders to veto CNOOC's proposal to continue lending up to RMB6,800m (US$821m) to its parent's subsidiary. We also question why such loans over the last 2 years have not been subject to minority shareholders' approval, apparently breaching the Listing Rules. The Stock Exchange has yet to take any public action. CNOOC should get its money back. (19-Apr-04)

CNOOC AGM voting advice
We urge investors to vote against the re-election of independent directors who approve of CNOOC's practice of lending money to its parent group, and against the general issue mandate. (19-Apr-04)

AGM results
Company announcement, 29-May-03

CNOOC voting advice
The 20th AGM in Projects Poll and Vampire, and we urge investors to vote against the issue mandate, to help protect their investment from dilution. (20-May-03)

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