JX Nippon Oil & Gas Exploration Corporation (President and CEO, Toshiya Nakahara), JX Nippon Oil Exploration (U.S.A.) Limited (President, Manabu Doi) (collectively "JX") and 8 Rivers Capital, LLC ("8 Rivers"), a world-leading Net-Zero solutions provider have signed a memorandum of understanding ("MOU") to evaluate the U.S. Gulf Coast for the commercial-scale deployment of 8 Rivers technologies across ammonia and other Net-Zero projects, including potential projects using CO2-rich natural gas. This builds on the existing efforts by JX and 8 Rivers under Comprehensive Collaboration Agreement signed in November, 2021, working together, to identify and develop unique opportunities in the carbon capture market.

As part of their new initiative, JX and 8 Rivers intend to develop a CO₂-rich gas calibration program, aiming to economically utilize previously unusable fuel to produce clean energy while sequestering all the CO2, leveraging 8 Rivers' technological expertise. This program is only one example of how JX and 8 Rivers will work together to deploy technologies that enable the world to meet crucial climate targets.

"As a Net-Zero solutions provider enabling the world's largest companies to meet their carbon reduction goals, this continued collaboration with JX shows how significant 8 Rivers' scalable, deployable technologies are to meeting global climate goals," said Damian Beauchamp, President and Chief Development Officer of 8 Rivers. "The methane program is only one example of our firms coming together to economically and cleanly address CO₂."

Tetsuo Yamada, Executive Vice President of JX Nippon Oil & Gas Exploration Corporation, commented "This MOU reaffirms our collaboration partnership and commitments towards carbon neutral society. JX strongly believes this joint business development and research activities with 8 Rivers plays important role to accelerate our energy transition journey."

Signing Ceremony

From left to right: Steve Fly, Senior Vice President [JX (USA)], Damian Beauchamp,
President [8 Rivers], Tetsuo Yamada, Executive Vice President [JX (Japan)]

ABOUT JX NIPPON OIL & GAS EXPLORATION CORPORATION: JX Nippon Oil & Gas Exploration Corporation has engaged in energy exploration and production (E&P) business around the world for over 40 years, as a principal operating company in the ENEOS Group, Japan's leading company group of comprehensive energy, natural resources, and materials. JX will continue to tackle the challenge of achieving a stable energy supply and a sustainable society.

https://www.nex.jx-group.co.jp/english/.

ABOUT 8 RIVERS CAPITAL, LLC: 8 Rivers Capital, LLC, is a Durham, NC-based firm leading the invention and commercialization of sustainable, infrastructure-scale technologies for the global energy transition.

www.8Rivers.com.

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