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News Release

FY2013

Production Sharing Contract for Deepwater Block 3F, Offshore Sarawak, Malaysia

December 12, 2013

PRESS RELEASE

JX Nippon Oil & Gas Exploration Corporation (President: Mr. Shigeo Hirai) is pleased to announce that its subsidiary, JX Nippon Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd. (President: Mr. Hironori Wasada) has agreed to enter into a Production Sharing Contract (PSC) for Deepwater Block 3F, Sarawak with PETROLIAM NASIONAL BERHAD (“PETRONAS”), the national oil company of Malaysia, effective from December 11, 2013.

Deepwater Block 3F is located in the northwest of Sarawak, with approximately 4,200 square kilometers surface area and 150-1,300 meters water depth and is a prospective block for oil discovery. JX Nippon Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd. holds 40% Participating Interest and will participate in the exploration activity as a non-operator.

Deepwater Block 3F is our 7th project in Malaysia.

In Malaysia, we are the operator for Block SK10, offshore Sarawak where we are involved in gas production and are currently studying further development of the block. We are also the operator and carrying out exploration activities in Block SK333 onshore Sarawak, Deepwater Block R offshore Sabah and Deepwater Block 2F offshore Sarawak. In addition, we are participating as a non-operator in gas production activities in Block SK8 and in exploration activities in Block PM308A offshore Peninsular Malaysia.

We consider Malaysia to be one of the important core countries for our business and will make further endeavours to increase our activities and presence in Malaysia.

1. Project Summary

(1) Block Deepwater Block 3F, Sarawak, Malaysia  
(2) Effective Date December 11, 2013  
(3) Block Acreage Approx. 4,200 km2  
(4) Participating Interest JX Nippon Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd. 40%
PETRONAS Carigali Sdn. Bhd.(*1) 40%
GDF Suez E&P Malaysia B.V. 20%
(5) Operator PETRONAS Carigali Sdn. Bhd.  

(*1)A wholly owned subsidiary of PETRONAS

2. Work Program

(1) Exploration Period 3 years
(2) Planned Activities Drilling of Wildcat Well, Acquisition and Processing of new 3D and 2D seismic data

3. Company Profile of JX Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd.

(1) Representative Hironori Wasada
(2) Date of Establishment March 11, 2013
(3) Business Activities The exploration and development of petroleum, natural gas, other mineral resources in and around Malaysia.
The recovery, processing, storage, sale and purchase of petroleum, natural gas, other mineral resources and the by-products of these and to carry on related business in connection with above objects.
(4) Shareholder JX Nippon Oil & Gas Exploration Corporation (100%)