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U.K. North Sea: Seagull Project

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This is a project to develop crude oil and natural gas promoted by Neptune E&P UK Ltd. as an operator in the U.K. North Sea Offshore Block (commonly known as Seagull Block) off the coast of Aberdeen, U.K.

JAPEX acquired interests in the block through our local subsidiary JAPEX UK E&P Ltd. (JUK) in 2014 to participate in the project from the exploration stage.

Project Summary

  • Under development: Plan to start production of crude oil and natural gas by the end of 2021.
    • The production start date is uncertain primarily because of the impact of the COVID-19 pandemic.

Basic Information

  • Name: U.K. North Sea P1622 22/29C (Seagull Block)
  • Location: Approximately 300km Offshore of Aberdeen, U.K.
  • Operator: Neptune E&P UK Ltd.
  • Project Company: JAPEX UK E&P Ltd. (JUK: JAPEX consolidated subsidiary, JAPEX investment ratio 100%)
  • Participating Interest: Neptune E&P UK Ltd.(35%), BP Exploration Operating Company Ltd.(50%, JUK (15%

seagull_map_e.png

Location of Seagull Block (Approximately 300km Offshore of Aberdeen, U.K.)

History

* Events after our participation only

  • March 2014: Acquired interests through JUK to participate in the project.
  • November 2015: Succeeded in the crude oil and natural gas production test at the evaluating well.
  • March 2019: Made a final decision to invest in the crude oil and natural gas development.

UK Group Tax Strategy

"UK Group Tax Strategy" was published for JAPEX UK E&P Limited and JAPEX UK E&P Central Limited pursuant to Section 161 and PART 2 of Schedule 19 of the UK Finance Act 2016 as below.

UK Group Tax Strategy Financial year ending 31 December 2020

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