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JOGMEC Provides Equity Financing to
INPEX’s Exploration Project
in the Joint Petroleum Development Area in the Timor Sea

April 12, 2019

Japan Oil, Gas and Metals National Corporation (“JOGMEC”) announced that it will provide equity financing to INPEX Offshore Timor-Leste, Ltd. (“INPEX Offshore Timor-Leste”), a wholly owned subsidiary of INPEX CORPORATION (“INPEX”).
INPEX Offshore Timor-Leste holds a 35.47% participating interest in the JPDA11-106 Contract Area of the Joint Petroleum Development Area in the Timor Sea, which is jointly administered by the Democratic Republic of Timor-Leste and Commonwealth of Australia. The operating 40.53% interest is held by Eni JPDA 11-106 B.V. (Operator) and a subsidiary of TIMOR GAP, E.P., Timor-Leste’s National Oil Company, owns the remaining 24%.

JOGMEC will provide equity capital covering up to 50% of the exploration expenditures incurred by INPEX Offshore Timor-Leste.

This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, JOGMEC’s support to INPEX Offshore Timor-Leste will enrich INPEX’s upstream portfolio in one of its priority areas encompassing the Ichthys LNG Project in Australia (JOGMEC’s completion guarantee programme) and the Abadi LNG Project in Indonesia (JOGMEC’s equity capital programme).

Background Information

1. Corporate Data

Corporate Data INPEX Offshore Timor-Leste, Ltd.
Shareholders after JOGMEC’s funding INPEX (Voting rights more than 50%)
JOGMEC (Voting rights less than 50%)

2. Contract Area

JPDA 11-106 Contract Area

3. Participating Interest

Eni JPDA 11-106 B.V. (Operator) 40.53%
INPEX Offshore Timor-Leste, Ltd. 35.47%
TIMOR GAP PSC 11-106, Unipessoal, Limitada 24.00%

4. JOGMEC Assistance

Date of Approval March 13, 2019
Estimated Amount of Equity Financing approximately JPY 5.3 Billion
Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained.

Location of Contract Area

Location of Contract Area

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