Successful Award of Offshore Exploration Licenses, Kanumas Area, Greenland Self-Government (Licensing Round 2012/2013 in Greenland Sea Area)

Japan Petroleum Exploration Co., Ltd. (hereafter, "JAPEX") is pleased to announce that through Greenland Petroleum Exploration Co., Ltd. (hereafter, "GreenPeX"), it was successful in the 2012/2013 Licensing Round in Greenland Sea Area, Greenland Self-Government, and won the two offshore explorations licenses, Block 9 and Block 14, in Kanumas Area, northeastern part of offshore Greenland, jointly with Chevron and Shell.  The Joint venture has also entered into the licensing contracts for Block 9 and Block 14 and concluded as 2013/45 License and 2013/46 License, respectively, with the Ministry of Industry and Mineral Resources of Greenland.

2013/45 License and 2013/46 License are located in Kanumas Area, approximately 60-200 km northeastern part of offshore Greenland with a water depth of approximately 150m to 450m and span area of 2,220 km² and 2,634 km², respectively.  Kanumas Area is a frontier area where no well has been drilled for oil and gas exploration, and many E&P* companies have taken their interests for expected major oil and gas discoveries.

In these exploration licenses, Chevron as the Operator, Shell and Greenland Petroleum each holds 29.1667% participating interest while Greenland national oil company, Nunaoil, holds 12.5% participating interest.  The aforesaid participants will conduct exploration activities including seismic acquisition etc. in these Licenses for the new discovery of oil and natural gas.  

Please be advised, in addition, that this exploration project has been financially assisted by Japan Oil, Gas and Metals National Corporation.

JAPEX has been identifying the E&P business as one of JAPEX's major growth strategies in our Medium-Term Business Plan.  JAPEX plans to increase production volume and proved reserves by shifting exploration and development investment overseas. Going forward, JAPEX also continue to proactively pursue business activities to develop new projects.