Acquisition of Interest in Kerapu Block, Indonesia and Establishment of New Subsidiary

Japan Petroleum Exploration Co., Ltd. ("JAPEX") is pleased to announce that through its newly established wholly owned subsidiary, Japex West Natuna Limited., it has signed an agreement to acquire a 30% participating interest in the Kerapu Block, located in  the West Natuna Sea, Indonesia from a  wholly owned subsidiary of Mubadala Petroleum which holds a 100% interest in the Kerapu Block at the date of signing the agreement.  

Mubadala Petroleum is an international, upstream oil and gas exploration and production ("E&P") company managing assets and operations across 12 countries in the Middle East, Africa, Central and Southeast Asia including Indonesia. 

The Kerapu Block is located approximately 200km northwest of Natuna Island, in the Indonesian waters of the West Natuna Sea, covering an area of 3,100km² with a water depth of around 60m. 3D seismic was acquired in 2010 and an exploratory well is planned in 2013. 

South East Asia is one of the focus areas of JAPEX, and it plans to seek additional E&P opportunities in the region. 

This transfer of interest in the Kerapu Block is subject to Indonesian Government approval.