CNOOC Limited (the “Company”) entered into a new financial services framework agreement on 30 October 2025 with CNOOC Finance Corporation Limited (“CNOOC Finance”), effective for three years starting 1 January 2026 to 31 December 2028. The arrangement follows the existing framework agreement, which will expire on 31 December 2025.

Under the new agreement, CNOOC Finance will continue to provide deposit, loan, settlement, discounting, entrustment loan, and other financial services to the Company and its subsidiaries (the “Group”), as required. The maximum daily outstanding balance of deposits (including interest) is set at RMB 37.3 billion. The limit on daily loan balance, including accrued interest, is set at RMB 50 billion, covering both secured and unsecured loan transactions.

The deposit and loan services are subject to the reporting, annual review, and announcement requirements under Chapter 14A of the Hong Kong Listing Rules. Since CNOOC Finance is a subsidiary of China National Offshore Oil Corporation (“CNOOC”), which holds approximately 62.13% of the Company’s total issued shares, these transactions constitute continuing connected transactions. According to disclosures, certain terms of the new agreement, such as secured loan involvement, will remain exempt from independent shareholders’ approval due to the relevant threshold percentages falling below 5%.

Reasons cited for the renewal include settlement efficiency, flexibility in deposit structures, and ongoing regulatory supervision over CNOOC Finance, which has a long-standing cooperation history with the Group. The Company’s Board, including its independent non-executive directors, considers the terms fair, reasonable, and aligned with normal commercial practices, describing the agreement as beneficial to overall operations and in the interests of shareholders. The full details of the renewed arrangement have been disclosed pursuant to pertinent Hong Kong and Shanghai listing requirements.