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News Release

FY2019

First Gas from Culzean Gas Field in UK North Sea

June 11, 2019

PRESS RELEASE

JX Nippon Oil & Gas Exploration Corporation ("JX Nippon") (President and CEO, Hiroshi Hosoi) is pleased to announce that its wholly owned subsidiary, JX Nippon Exploration and Production (U.K.) Limited ("JXNEPUK") (Chairman and CEO, Hisao Tatsumi) commenced production from the Culzean field in the Central North Sea on June 7, 2019.

The Culzean field is a high pressure, high temperature ("HPHT") gas condensate field that was discovered in 2008 and was approved for development by the UK Oil and Gas Authority in August 2015. It is one of the largest gas fields discovered in the UK North Sea in the last decade. Culzean field is also one of the largest gas fields to progress to the development stage after 1990.

The development has been successful, and first gas was 1 month ahead of the initial plan, and significant cost reductions have been achieved.

With a plateau production of 100,000 barrels of oil equivalent per day (gross), Culzean will account for around 5% of the UK's gas consumption.

The Culzean field is one of the most important projects in the JX Nippon group's mid and long term portfolio, and will also contribute to achieving the low carbon business by strengthening the group's natural gas business.

The JX Nippon group constantly strives to maintain stable energy supply, minimise the environmental footprint, and maximise the value of our assets.

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