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News Release

FY2016

JX Nippon sale of part of its working interest in the Mariner Oil Field in UK North Sea

August 16, 2016

PRESS RELEASE

JX Nippon Oil & Gas Exploration Corporation (President and CEO, Shunsaku Miyake) is pleased to announce that its wholly owned subsidiary, JX Nippon Exploration and Production (U.K.) Limited ("JXNEPUK") (Chairman and CEO, Kemmei Nakata) has sold an 8.9% working interest in the Greater Mariner Area, including the Mariner Oil Field, primarily located in UK Licence P.335 (Block 9/11a All), to Siccar Point Energy U.K. Limited. As a result of this transaction, the working interest of JXNEPUK in the Greater Mariner Area is 20.0%.

The Mariner Oil Field was discovered in 1981 and the Field Development Plan was approved by the UK Government in 2013. The development work is underway with first oil planned in 2018 by Statoil (U.K.) Limited, the operator and a subsidiary of Statoil ASA, and other joint venture partners including JXNEPUK.

The divestiture was carried out as a part of the fundamental revision of JX’s upstream portfolio and the optimization of the investment level designed to improve its financial performance in the prevailing business environment.

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