Note: The following is an English translation of the Japanese-language original.

[Press Release]

October 20, 2023
Japan Petroleum Exploration Co., Ltd.
Tel: +81-3-6268-7110 (Media Relations)
https://www.japex.co.jp/en/contact/

JAPEX Pursue First CCS Project in Advanced Overseas Country~ Equity Participation in Blue Spruce Operating LLC having assets in Wyoming, United States ~Japan Petroleum Exploration Co., Ltd. (“JAPEX”）announced that JAPEX and Blue Spruce Operating LLC(BSO), which is pursuing a project including CCS (Carbon dioxide Capture and Storage) in southwestern
Wyoming, United States in the Dry Piney area (hereinafter the “Project”), have agreed upon equity
participation in BSO by Japex (U.S.) Corp.（”JUS”）, an overseas consolidated subsidiary of JAPEX, and JUS
has signed an acquisition agreement with BSO for their newly issued equity interests.
BSO is a business engaged in development and production of crude oil and natural gas in the United States.
Currently, BSO is planning the Project, in which BSO will develop certain assets, separate natural gas, helium,and CO2 from produced gas, sell natural gas and helium, and conduct CCS of separated CO2. With detailed
existing plant design work and BSO’s long-standing involvement in the Project, the collaboration of BSO andJAPEX/JUS is set to expedite the Project to the construction phase. Additionally, the Project benefits from
BSO’s ownership of surface land, which will streamline construction, enhance market access, and reduce thescale of necessary infrastructure.
Located on the LaBarge Platform in Wyoming, the Project is immediately adjacent and structurally similar
to long-lived, stable and low carbon helium and natural gas production with world scale carbon capture. BSO
will also make a significant contribution to the supply of such natural resources in an environmentally friendly
manner by permanently sequestering CO2 from an industrial process that would otherwise be emitted.
JAPEX, with its expertise in oil and gas development and CCS, will be involved in technical studies such as
evaluation of gas reserves and CO2 storage capacity in the Project, designing of production wells and injection
wells, production facilities, and pipelines, and also commercial framework including sales strategy. In addition,
JAPEX has strategically partnered with Weil Group Resources, LLC (“WEIL”), to provide its expertise to theproject. WEIL is a private independent helium production company and a pioneer in developing helium
producing projects in North America.
JAPEX recognizes CCS as one of our contribution items for realizing carbon neutrality in “JAPEX2050,”
formulated as our direction to 2050. In “JAPEX Management Plan 2022-2030,” we aim to launch CO2 injectionin Japan by 2030 and to join commercial CCS projects in systematically advanced overseas countries forrealizing early revenue and accumulating knowledge. The Project is our first participation in the commercial
CCS projects in an advanced overseas country.
JAPEX aims to grow as a comprehensive energy company supplying various energies for the future, andincrease our corporate value, through solving issues and realizing businesses for carbon neutrality.

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