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JOGMEC Provides Equity Financing to JAPEX
for an Exploration Project in the UK North Sea

October 15, 2014

 JOGMEC (President: Hirobumi Kawano) announced today that it will provide equity financing to JAPEX UK E&P CENTRAL LIMITED (“JUKC”), a wholly owned subsidiary of Japan Petroleum Exploration Co., Ltd. (“JAPEX”), which will acquire working interests in the exploration licenses P1998 (the Val D’Isere prospect) and P2001 (the Les Arcs prospect) offshore the United Kingdom.
 JUKC, with the financial assistance of JOGMEC, has now exercised the option under the farm-out agreement executed with Apache North Sea Limited in March 2014 to acquire increased working interests in the Val D’Isere prospect and the Les Arcs prospect. In return for the payment of certain well and other costs, JUKC will acquire a 10% working interest in the Val D’Isere prospect and a 20% working interest in the Les Arcs prospect. These transfers of interest in the UK North Sea are subject to the approval of United Kingdom Government.

 JOGMEC will provide equity capital of up to 50% of the exploration expenditures incurred by JUKC for the project after the completion of the interest transfer.

 The Val D’Isere prospect and the Les Arcs prospect licences are located approximately 300km east of Aberdeen, in the North Sea, where a number of oil and gas fields have been discovered. This project is expected to enhance upstream activities of JAPEX in the North Sea and will reinforce the energy security of Japan if successful.

Background Information

Corporate Data JAPEX E&P UK CENTRAL LIMITED
Date of Establishment September 15, 2014
President Mr. Kazuo Nakayama
Shareholders after JOGMEC’s funding

JAPEX (more than 50%)
JOGMEC (less than 50%)

Participating Interest

  P1998 P2001
Apache North Sea Limited* 50% 40%
Premier Oil UK Limited 40% 40%
JAPEX UK E&P CENTRAL LIMITED 10% 20%
* Operator

JOGMEC Assistance

Date of Approval October 3, 2014
Estimated Amount of Equity Financing approximately JPY 2.4 Billion
Note 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.

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