In addition to Goldman Sachs’ buy call, Bank of America-Merrill Lynch also keeps CNOOC at buy. It says strong reserves booking in its annual results in March will ease concerns on its mounting finding and development costs. It estimates there would be 6 exploration wells and 2 development wells drilled by CNOOC’s partners in deepwater offshore China. There will be over 10 exploration and development wells being drilling this year. Merrill Lynch targets CNOOC at HK$15.00 (ADR $193), which is a bit lower than Goldman Sachs’ HK$15.65 (US$201.45).  CNOOC closed at HK$12.14 (US$156.24) Wednesday February 10. Its ADR closed at $152.98 Tuesday.