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

Company Name: Japan Petroleum Exploration Co., Ltd. (JAPEX)Securities Code: 1662 (Prime of the Tokyo Stock Exchange)
Representative: YAMASHITA Michiro, Representative Director and President
Inquiries:
Corporate Communication OfficeTEL:+81-3-6268-7110

June 17, 2024

Conclusion of the share purchase agreement
to acquire Longboat JAPEX Norge AS as a wholly owned company of JAPEX,
which promotes exploration, development and production offshore Norway
Japan Petroleum Exploration Co., Ltd. (JAPEX) announces that it has concluded the share purchase agreement
to acquire all shares (50.1%) of Longboat JAPEX Norge AS (hereinafter “LJN”) held by Longboat Energy plc(hereinafter “LBE”), a UK company, and make LJN a subsidiary of JAPEX.
1.

Reasons of acquisition of shares
Following change in the management of LBE in May 2024, there has been a reconsideration of the Norwegianbusiness policy, and as a result of discussions with LBE regarding the future management policy for LJN,JAPEX has decided to expand its Norwegian business by making LJN a subsidiary. JAPEX will pay US$2.5
million as consideration for the acquisition of LBE's shares in LJN. There will be no changes to LJN's employees
or business structure as a result of this acquisition.
JAPEX places the acquisition of new oil and gas interests as one of the priority items in the "JAPEXManagement Plan 2022-2030" formulated in March 2022, and has positioned the North Sea as one of its main
target areas. Based on this policy, in July 2023, JAPEX acquired shares in LJN to lay the foundation for its
business expansion in Norway. LJN is currently engaged in exploration and development in multiple licenseinterests in the Norwegian North Sea. In addition, the acquisition of interests in production assets wascompleted in January 2024, and crude oil and natural gas production from the assets has begun.

2. Outline of the subsidiary subject to change(1) Corporate NameLongboat JAPEX Norge AS (Norway corporate)(2) Head Office
Strandkaien 36, 4005 Stavanger, Norway(3) Representative
Managing Director Hilde Salthe(4) Business Activities
Exploration, development and production of petroleum resources offshore Norway(5) Share Capital
100 million yen(6,786,432NOK, 1NOK=15yen)(6) Date of Establishment
December 5, 2019(7) Shareholder
Longboat Energy plc
50.1%
Japan Petroleum Exploration Co., Ltd.
49.9%
(8) Relationship between the Capital Relationships
JAPEX owns 49.9% of the shares oflisted company and theLJN.
company concerned
Personal Relationships
JAPEX has dispatched three directors
to LJN.
Related Party Status
There are transactions related to thedispatch of officer and employees fromJAPEX to LJN.
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(9) LJN’s consolidated operating results and consolidated financial position for the past three years(1NOK is equivalent to15yen)
Fiscal year
For the year ended
For the year ended
For the year ended
Dec 2021
Dec 2022
Dec 2023
Consolidated net assets
4,764 million yen
2,396 million yen
2,872 million yen
Consolidated total assets
9,474 million yen
15,165 million yen
10,421 million yen
Consolidated net assets per
1,401.18 yen
704.60 yen
423.19 yen
shareConsolidated sales
16million yen
20million yen
122million yen
Consolidated operating△376million yen△582million yen△795million yen
incomeConsolidated ordinary△1,768million yen△8,399million yen△6,744million yen
incomeNet income attributable to△531million yen△2,368million yen△2,123million yen
owners of parent
Consolidated net income per△156.15 yen△696.60 yen△425.70 yen
share
Dividend per share―――
3. Outline of the counterparty to the share acquisition(1) Corporate NameLongboat Energy plc(2) Head Office
5th Floor One New Change, London, United Kingdom(3) Representative
Executive Director and Chief Executive Officer Nick Ingrassia(4) Business Activities
Exploration and development of petroleum resources in Norway and Malaysia(5) Share Capital
5,710,812 GBP(6) Date of Establishment
May 28, 2019(7) Net Asset
16,938,730 GBP(8) Total Asset
18,072,655 GBP(9) Shareholder
Progressive Capital Partners
14.2%
River Global Investors
8.5% etc.
(10) Relationship between the Capital Relationships
listed company and the Personal Relationships
company concerned
Business Relationships
Related Party Status

Not applicable.
Not applicable.
Not applicable.
Not applicable.

4.
Number of shares acquired, acquisition price, and status of shares held before and after acquisition(1) Number of shares held before acquisition
3,386,431(Number of voting rights: 3,386,431)(Percentage of voting rights held: 49.9%)(2) Number of shares acquired
3,400,001(Number of voting rights: 3,400,001)(3) Acquisition price
USD 2.5 million(4) Number of shares held after acquisition
6,786,432(Number of voting rights: 6,786,432)(Percentage of voting rights held: 100%)

5.

Schedule(1) Date of resolution by the Executive Committee

June 14, 2024

(2) Date of contract

June 14, 2024

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(3) Date of share transfer

Second quarter of Fiscal Year ending
March 2025 (scheduled)

6. Outlook
The acquisition of shares in LJN is expected to be completed in the second quarter of this fiscal year, subject to thecompletion of transfer of the debt guarantees provided by LBE to JAPEX and approval by the Norwegian authorities
etc. The impact on our consolidated financial results for the fiscal year ending March 31, 2025, is minimal.
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