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News Release

FY2015

New Oil Discovery in Deepwater Block R, offshore Malaysia

April 7, 2015

PRESS RELEASE

JX Nippon Oil & Gas Exploration Corporation ("JX Nippon") is pleased to announce an oil discovery in the first exploration well, Bestari-1, in Deepwater Block R ("the Block"), offshore Malaysia.

Wireline and formation pressure tools have confirmed approximately 70 meters of total net oil pay in primary target Miocene-aged formation. Reservoir depth is ranging from 1,860 meters to 2,702 meters below sea level. Preliminary wireline evaluation has highlighted good reservoir properties.

Bestari-1 is the first of three commitment wells in the Block PSC signed on 17th January 2012 where JX Nippon is the operator holding a 27.5% interest.

The Block is located offshore Malaysia, with a surface area of approximately 672 square kilo meters and water depth ranging from 100 meters to 1,400 meters.

We consider Malaysia to be one of the core countries for our business and will make further endeavors to increase our activities and presence in Malaysia, including acquisition of new business opportunities.

Project Summary

Block Deepwater Block R
Location Offshore Malaysia
Block Acreage Approximately 672 square kilo meters
Water Depth Ranging from 100 meters to 1,400 meters
Participating Interest JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited 27.5% (Operator)
INPEX Offshore South West Sabah Ltd 27.5%
PETRONAS Carigali Sdn Bhd 25.0%
Santos Sabah Block R Limited 20.0%

Company Summary

JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited

  • Operator of the Block, holding 27.5% of interest
  • President: Hironori Wasada
  • Shareholders:
    JX Nippon (President and CEO: Shunsaku Miyake) 75.36%
    Japan Oil, Gas and Metals National Corporation 24.64%