CNOOC (ADR:CEO, H.K. stock code 0883) rose 4.5% against its US closing price to HK$11.8 (equivalent to US$151.88) on Tuesday Hong Kong, supported by news Husky Energy has made the third significant gas discovery in South China Sea, in which CNOOC has the right to participate in any field development projects for up to 51% working interest. CNOOC will likely exercise its back-in rights to take 51% stake and participate in the Liwan gas development, LH29-1 and LH 34-2 fields. Goldman Sachs Keeps stock at buy, targets HK$15.65 (US$201.45). CEO closed at $145.34 Monday on Wall Street.

According to CNOOC, LH 29-1 is the third deepwater gas discovery made on Block 29/26 in the Pearl River Mouth Basin in the Eastern South China Sea. Another two significant discoveries, LiWan (LW) 3-1 and LH 34-2, were also made on the Block.