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

August 10, 2021
Company Name: Japan Petroleum Exploration Co., Ltd. (JAPEX)Securities Code:

1662 (First Section of the Tokyo Stock Exchange)

Representative:

Masahiro Fujita, Representative Director and President

Inquiries:

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

Notice of Financial Forecasts Revision and Recording of Non-operating Income
Japan Petroleum Exploration Co., Ltd. (JAPEX) hereby revised its consolidated financial forecasts for the fiscal year ending
March 31, 2022, announced on May 13, 2021 based on our recent business trends and performance, and has recorded nonoperating income in the first quarter of FY2022/3 (April 1 to June 30, 2021).
1. Financial Forecasts Revision(1) Revision to consolidated forecasts for FY2022/3 (April 1, 2021 - March 31, 2022)
Net sales

OperatingprofitOrdinary
profit(Millions of yen)

(Millions of yen)

(Millions of yen)

Profitattributable toowners ofparent

Net income
per share(28,317)(496.14)(1,997.76)(Millions of yen)Previous forecasts (A)211,153(8,215)

15,740

Revised forecasts (B)220,789

11,89426,159(114,021)

9,635

3,678

10,418(85,704)

4.6

44.8

66.2

―

240,078

4,192

10,001(2,725)Difference in amount (B - A)
Rate of change (%)(Reference) FY 2020/3(Yen)(47.73)

Note: FY=Fiscal Year (FY2022/3, for instance, means 12 months ending March 31, 2022)(2) Reasons of revision:Compared to the previous announcement on May 13, 2021, net sales and profit are expected to increase, mainly due to an
expected increase in the sales price of crude oil and natural gas resulting from an increase in the crude oil price assumption. Inaddition, ordinary profit is expected to increase due to foreign exchange gains and an expected growth in the share of profit ofentities accounted for using equity method.
Net loss attributable to owners of the parent company is expected to increase from the previous forecast due to the expected
posting of a loss on the sale of shares in a subsidiary as an extraordinary loss, as disclosed in the " Ending our Promotion of the Oil
Sands Project in Canada, the Change in Subsidiary, the Recognition of Extraordinary Losses, and the Voluntary Return ofExecutive Compensation" dated July 29, 2021.

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(3) Reference:[Crude Oil Price (CIF)](USD/bbl)

Previous
Average from April 2021 to March 2022 (forecast)

Revised60.00 Average from April 2021 to June 2021 (actual)

64.25

July 2021 to March 2022 (forecast)

70.00[Exchange Rate](JPY/USD)

Previous
Average from April 2021 to March 2022 (forecast)

Revised
105.00 Average from April 2021 to June 2021 (actual)108.43

July 2021 to March 2022 (forecast)108.00Note: The aforementioned forecasts are based on the current available information and the actual performances and other resultsmay differ materially due to various factors in the future.
2. Recording of non-operating income(1) Share of profit of entities accounted for using equity method
In the first quarter of FY2022/3, we recorded the share of profit of entities accounted for using equity method, including Sakhalin
Oil and Gas Development Co., Ltd., of 3,549 million yen as non-operating income.
(2) Foreign exchange gains
In the first quarter of FY2022/3, we recorded foreign exchange gains of 3,851 million yen as non-operating income. This was
mainly due to the revaluation of foreign currency-denominated assets and liabilities held by the Group at the exchange rates at theend of the quarter.
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