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

May 13, 2022
Company Name:Japan Petroleum Exploration Co., Ltd. (JAPEX)Securities Code:

1662 (Prime Market of the Tokyo Stock Exchange)

Representative:

FUJITA Masahiro, Representative Director and President

Inquiries:

Corporate Communication OfficeTEL:+81-3-6268-7110

Notice Concerning Partial Amendments to Articles of Incorporation

Japan Petroleum Exploration Co., Ltd. (JAPEX) , at its Board of Directors meeting held today, resolved tosubmit a proposal for partial amendments to the Articles of Incorporation to the 52th Ordinary General
Meeting of Shareholders to be held on June 28,2022. The following is a summary of the proposal.
1. Reasons for proposal(1) Article 2 (Purpose) of the proposed amendment is partially amended to clarify the business purpose inaccordance with the Company's current business activities.
(2) Article 5 (Method of Public Notice) of the Proposed Amendments would change the method of public notice of
the Company from publication in the Nihon Keizai Shimbun to electronic public notice in order to improve
convenience in viewing public notices and to streamline public notice procedures, taking into considerationthe widespread use of the Internet, and would also stipulate measures to be taken if electronic public noticecannot be made for unavoidable reasons.
(3) Article 17 (Measures for Provision in Electronic Format, etc.) of the proposed amendment is to amend theCompany's Articles of Incorporation as follows in order to prepare for the introduction of a system forelectronic provision of materials for the General Meeting of Shareholders, as the amended provision
stipulated in the proviso of Article 1 of the Supplementary Provision of the "Law Partially Amending theCompanies Act" (Law No. 70, 2019) will come into effect on September 1, 2022.
① Proposed amended Paragraph 1 of Article 17 stipulates that measures for provision in electronic format
shall be taken with respect to the information contained in the reference documents, etc. for General
Meetings of Shareholders.
② Proposed amended Paragraph 2 of Article 17 limits the scope of the matters to be listed in the documents
to be delivered to shareholders who have requested the delivery of documents in paper-based format.
③ The provisions in respect of disclosure by way of the internet and deemed provision of reference
documents, etc. for a Shareholders Meeting (Article 17 of the current Articles of Incorporation) will nolonger be required and will be deleted.
④ In line with the above additions and deletions, supplementary provisions concerning the effective dateand related matters will be incorporated.
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2. Details of amendments
The proposed amendments to the Articles of Incorporation are as follows:(Amendments are underlined)
Current Articles of Incorporation

Proposed amendment（Purpose）（Purpose）

Article 2.
Article 2.
The purpose of the Company shall be to engage in 1. -5. [As presently constituted].
the following businesses
1.Exploration and development of oil, natural gas
and other energy resources
2. Extracting, processing, storing, trading, andtransporting oil, natural gas, and other energy
resources
3. to manufacture and sell secondary products ofoil, natural gas and other energy resources
4.-5. [Omitted]［Newly introduced］

6. development of photovoltaics, wind, geothermal,biomass and other renewable energy resources

6. -9. [Omitted].

7. - 10. [As presently constituted].

（Method of Public Notice）（Method of Public Notice）

Article 5.

Article 5.

Public notice of the Company shall be given by
publication in The Nikkei published in Tokyo.

Public notices of the Company shall be given
electronically. Public notices of the Company shallbe given electronically; provided, however, that inthe event that the Company is unable to giveelectronic public notices due to an accident or otherunavoidable reason, public notices shall be given by
publication in The Nikkei published in Tokyo.
（Disclosure by way of the Internet and Deemed
Provision of Reference Documents, etc. for a
Shareholders Meeting）
Article 17.
The Company may, at the time of convocation of ageneral meeting of shareholders, be deemed to haveprovided to its shareholders information pertaining
to matters to be stated or indicated in the reference
documents for the general meeting of shareholders,business report, financial statements andconsolidated financial statements by disclosing
such information via the Internet in accordancewith the applicable Ordinance of the Ministry ofJustice.
2/4［Deleted］

Current Articles of Incorporation

Proposed amendment［Newly introduced］（Measures for Provision in Electronic Format,etc.）

Article 17.
The Company shall, at the time of convening ageneral meeting of shareholders, take measures toprovide electronically the information contained in
the Reference Documents for the General Meetingof Shareholders, etc.
2 The Company may not include all or part of thematters for which it takes electronic provision of
information as provided for in the applicable
Ordinance of the Ministry of Justice in thedocument to be delivered to shareholders who haverequested delivery of the document by the Record
Date for Voting Rights.

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Current Articles of Incorporation

Proposed amendment［Newly introduced］

Supplementary Provisions（ Transitional Measures Concerning Electronic
Provisioning Measures, etc.）
Article 1.
The deletion of Article 17 (Internet Disclosure andDeemed Provision of Reference Documents for
General Meetings of Shareholders, etc.) of thecurrent Articles of Incorporation and theestablishment of Article 17 (Measures forElectronic Provision, etc.) of the proposed
amendment shall take effect on the date ofenforcement of the amended provisions prescribedin the proviso of Article 1 of the Supplementary
Provisions of the Law to Amend the Companies Act(Law No. 70, 2019) (hereinafter referred to as"effective date").
(2) Notwithstanding theprovisions of the preceding paragraph, the new
establishment shall come into effect as from theeffective date.
2 Notwithstanding the provisions of the preceding
paragraph, Article 17 of the present Articles ofIncorporation shall remain in force with respect togeneral meetings of shareholders to be held on adate within six months from the Effective Date.
3 This Supplementary Provision shall be deleted
after six months have elapsed from the effective
date or after three months have elapsed from thedate of the general meeting of shareholders set
forth in the preceding paragraph, whichever islater.

3. Schedule
Date for General Meeting of Shareholders to amend Articles of Incorporation (Tentative)：June 28,2022
Effective Date of the Amendment to the Articles of Incorporation (Tentative)：June 28,2022###4/4