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

May 14, 2020
Company Name:
Representative:
Security Code:Inquiries:
TEL.:

Japan Petroleum Exploration Co., Ltd. (JAPEX)
Masahiro Fujita, Representative Director and President
1662 (First Section of Tokyo Stock Exchange)
Media and Investor Relations Dept.
+81-3-6268-7110

Changes of Director and Senior Management,
Partial Amendment of Article of Incorporation, and Organizational Change

Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that the following changes of director andpartial amendment of the Article of Incorporation tentatively decided at a board of directors meeting heldtoday. The changes are subject to approval at the 50th ordinary meeting of shareholders to be held on June 26,2020. Following the shareholders’ meeting, senior management except for directors will be decided at a boardof directors meeting and so forth.
Besides, the company-wide organizational change will be effective on June 26, 2020, aligned the change ofour business structure, aiming further business efficiency and quick decision-making, particularly in theorganization of the overseas business.

1. Changes of Director and Senior Management * Changes are underlined
1) Changes of Director (as of June 26, 2020)
A) Candidate of new director
Name
Hideichi Kawasaki

New Title

Current Title

Outside Director- *1Note) *1: Currently serves as Chairman of the Board, Oki Electric Industry Co., Ltd.

B) Directors to be promoted
NameNew Title

Current Title

Director, Senior Managing Executive Officer
Kazuhiko Ozeki

President of Overseas Project Management
Division, in charge of New Business
Promotion Dept.

Director, Managing Executive Officer
Responsible for Overseas Projects, Presidentof Asia & Oceania Project Division, in chargeof Commercial Office for Overseas Projects,and New Business Promotion OfficeDirector, Managing Executive Officer

Director, Senior Managing Executive Officer
Yoshitaka Ishii

President of Power Business Division
Representative Director and President ofFukushima Gas Power Co., Ltd.

in charge of Gas Pipeline Transportation
Dept., President of Inter-regional Gas Supply
Division, President of Soma Project & PowerBusiness Division
Representative Director and President ofFukushima Gas Power Co., Ltd.

1/5C) Director to be changed the business in charge
NameNew Title

Current Title

Director, Managing Executive OfficerToshiyuki Hirata

President of Middle East, Asia & Europe
Project Division

Director, Managing Executive Officer
in charge of Canada Oil Sands Project Dept.

D) Director to be retired
Name

New Title

Current Title
Director, Senior Managing Executive Officer

Takahisa InoueAdvisor

in charge of HSE Dept., President ofDomestic E&P Division

2) Change of Special Advisor (as of June 30, 2020)A) Special Advisor to be retired
Name
Ajay Singh

New Title

Current Title- *2Special Advisor

Note) *2: Due to the completion of term

3) Changes of Executive Officer who is not served as Director (as of June 26, 2020)
A) Candidates of new executive officer
Name

New Title

Current Title

Executive Officer
Kazuhiko Tezuka

Representative Director and President ofGeophysical Surveying Co., Ltd.

Geophysical Surveying Co., Ltd.
Advisor to Executive in charge of Canada Oil

Executive Officer
Satoshi Abe

Representative Director and President ofVice President of Americas & Russia Project
Division

Sands Project Dept.
President of Japan Canada Oil Sands
LimitedB) Executive officers to be promoted
Name

New Title

Current Title

Managing Executive Officer
Senichiro Kaku

in charge of Gas Pipeline Transportation
Office, President of Inter-regional Gas
Supply Division

Minoru Kuniyasu

Tadashi MatsunagaExecutive Officer
Vice President of Inter-regional Gas SupplyDivision

Managing Executive Officer

Executive Officer

Local President of Kangean Project

Local President of Kangean Project

President of Kangean Energy Indonesia Ltd.

President of Kangean Energy Indonesia Ltd.

Managing Executive Officer

Executive Officer

in charge of Human Resources Dept.

in charge of Human Resources Dept.

2/5

Managing Executive Officer
Tsuneta Nakamurain charge of HSE Dept., President ofDomestic E&P Project Division

Masanori Amano

Executive Officer
General Manager of Nagaoka District Office
Executive Officer

Managing Executive Officer
Vice President of Power Business Division

Vice President of Soma Project & PowerBusiness DivisionC) Executive officers to be changed the business in charge
NameNew Title

Current Title

Senior Managing Executive Officer
Tsuyoshi Suga

Vice President of Marketing & SalesDivision

Ryohei Wakishima

Takamasa Miyadai

Shinichi Takahata

Toshiaki Nakajima

Senior Managing Executive Officer
Vice President of Marketing & Sales Division,
Vice President of Soma Project & PowerBusiness Division

Executive Officer

Executive Officer

in charge of LNG Marketing andin charge of LNG Marketing andProcurement Office

Procurement Dept.

Executive Officer

Executive OfficerGeneral Manager of Soma District Office,General Manager of Soma District Office,

Advisor to President of Power Business

Advisor to President of Soma Project & Power

Division

Business Division

Executive Officer

Executive Officer

General Manager of Nagaoka District OfficeVice President of Technical Division

Executive Officer

Executive Officer

in charge of Corporate Communicationin charge of Corporate Strategy Dept., andOffice, and Corporate Strategy Dept.

Media & Investor Relations Dept.

D) Executive officers to be retired
Name

New Title

Current Title
Executive Officer

Ryuhei Murayama

Overseas Project Management Division

President of Middle East, Africa & Europe
Division
Executive OfficerGeneral Manager of Commercial Office for

Junichiro Ando

Overseas Project Management Division

Overseas Projects, Vice President of Americas& Russia Project Division, Advisor toExecutive in charge of Canada Oil Sands
Project Dept.

3/54) Change of Fellow (as of June 30, 2020)
A) Fellow to be retired
NameSatoru Yokoi

New Title

Current Title-Fellow (Technical Division)

2. Partial Amendment of Article of Incorporation (as of June 26, 2020)
1) Reason of Amendment
The term of office of directors will be shortened from the current two-year term to one year, in order to build
a management structure that can respond to future changes in the business environment, clarify
management responsibilities, and further strengthen corporate governance by increasing opportunities forshareholders to gain trust.
2) Proposed Amendment
The proposed amendment to the Articles of Incorporation are as follows. * Amendments are underlined
Current

Proposed Amendment

Article 23 (Directors' Term of Office)1.
The term of office of the directors shall expire
at the close of the Annual General Meeting of
Shareholders for the last business year which
ends within two (2) years of their election.

Article 23 (Directors' Term of Office)The term of office of the directors shall expire
at the close of the Annual General Meeting ofShareholders for the last business year which
ends within one (1) year of their election.

2.

The term of office of a Director elected toincrease the total number of Directors and/or
to fill a vacancy of the board created by earlier
termination of a Director shall be theremainder of the term of office of the othercurrent incumbent Directors.

[to be deleted]

3) Date of Application
This amendment will take effect right after the approval at the ordinary general meeting of shareholders tobe held on June 26, 2020, if the relevant proposal is approved at the shareholders’ meeting.

3. Changes for Company-wide Organization (as of June 26, 2020)
1) Organizational Changes at Overseas Project Division
In order to improve the efficiency of the overseas E&P business promotion and speed up decision-making,the three current overseas E&P project divisions, Canada Oil Sands Project Dept. and Commercial Office forOverseas Projects will be integrated into Overseas Project Management Division and two divisions for ongoingprojects: Overseas Project Management Division, which will consolidate the development functions for newprojects in addition to the overall strategy and planning functions for the overseas E&P business, andAmericas & Russia Project Division and Middle East, Asia & Europe Project Division, which will focus onongoing projects.

4/52) Organizational Changes for Marketing & Sales Functions
In order to further improve the efficiency of domestic marketing and sales activities, the sales departmentsof each District Office at Hokkaido, Akita, and Nagaoka will be integrated into Marketing & Sales Division.
3) Organizational Changes for Power Business
Since the power business has been realizing a profitable business with the commencement of commercial
operation on April 30, 2020, at Fukushima Gas Power Plant , owned by Fukushima Gas Power Co., Ltd. (FGP)
which is a project company JAPEX invested, Soma Project & Power Business Division will be renamed PowerBusiness Division.
4）Reorganization of Company-wide Unit Standard
In order to improve the efficiency of company-wide operations and speed up decision-making, the standards
for organizational units will be changed. With this change, the current name of some organization will bechanged, however there will be no change in the job responsibilities.

###5/5