PRESS RELEASE

Mr. Shunsaku Miyake, President and CEO of JX Nippon Oil & Gas Exploration Corporation, is pleased to announce that the size of the natural gas resource at the P'nyang field in Papua New Guinea is estimated to be 4.36 trillion cubic feet of gas by the independent certification study by Netherland Sewell and Associates following the successful completion in January of the P'nyang South-2 well, located in the Western Province of Papua New Guinea.

Based on this result, we will discuss with joint venture partners on an expansion concept for the PNG LNG liquefied natural gas (LNG) plant near Port Moresby.

The P'nyang field is located within APDL13 (PRL3). Our subsidiary, Merlin Petroleum Company (President and CEO, Takao Hashimoto) holds 12.50% interest, and affiliates of ExxonMobil and Oil Search Limited have 48.99% and 38.51% interest, respectively.