JX Nippon Oil & Gas Exploration Corporation ("JX", President & CEO: Toshiya Nakahara) hereby announces that our 40% owned subsidiary, Nippon Oil Exploration (Myanmar) Limited ("JXM") will withdraw from the Yetagun project in the Republic of the Union of Myanmar ("the country"). JXM holds 19.31784% interest in the Yetagun project, which comprises Blocks M12, M13 and M14. JXM has informed Petronas Carigali (the project operator) and other joint venture partners of its intention to withdraw and has commenced the withdrawal process. This withdrawal will be effective after approval from the Myanmar government.

We are very concerned about the situation in the country after the coup which occurred in February 2021.

We have decided to withdraw after discussions taking into consideration the country's current situation including the solution of social issues, and project economics based on the technical evaluation of Yetagun gas fields.

We would like to proceed with this withdrawal in an orderly manner, in accordance with the relevant contracts. We sincerely hope for the country's serious situation to be resolved as soon as possible.

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