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

Company Name:
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November 10, 2023

Japan Petroleum Exploration Co., Ltd. (JAPEX)
1662 (Prime Market of the Tokyo Stock Exchange)
FUJITA Masahiro, Representative Director and President
Corporate Communication Office+81-3-6268-7111

Notice of Financial Forecasts Revision,
Interim Dividend Payout, and Year-end Dividend Forecast Revision
Japan Petroleum Exploration Co., Ltd. (JAPEX) hereby revised its consolidated financial forecasts for thefiscal year ending March 31, 2024, which was disclosed on August 9, 2023, based on our recent business trends
and performance.
In addition, at the meeting of the Board of Directors held today, we resolved to pay an interim dividend witha record date of September 30, 2023, and revised the year-end dividend forecast accordingly.

1. Financial Forecasts Revision(1) Revision to consolidated forecasts for FY2024/3 (April 1, 2023 - March 31, 2024)
ProfitNet sales
Operating
Ordinary
attributableprofitprofitto owners ofparent
Previous forecasts (A)Revised forecasts (B)Difference in amount (B - A)
Rate of change (%)(Reference) FY 2023/3(Millions of yen)

306,100
325,400
19,300
6.3
336,492(Millions of yen)

38,90048,8009,900
25.4
62,085(Millions of yen)

44,80057,00012,20027.2
83,130(Millions of yen)

34,00045,00011,00032.4
67,394

Net income
per share(Yen)

627.00833.06

1,236.65

Note: FY=Fiscal Year (FY2024/3, for instance, means 12 months ending March 31, 2024)(2) Reasons of revision
Compared with the previous forecast (August 9, 2023), net sales and operating income are expected toincrease mainly due to the anticipated increase in sales prices of domestic crude oil, domestic natural gas,and LNG, etc. principally brought by higher crude oil prices and a weaker-than-expected yen exchange rate.
Ordinary profit and net profit attributable to owners of the parent are expected to increase due to anincrease in foreign exchange gains, etc., in addition to the above reasons.

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

RevisedApr. 2023 to Jun. 2023 (average of actual)

85.17 Apr. 2023 to Sep. 2023 (average of actual)

83.49

Jul. 2023 to Mar. 2024 (forecast)

75.00 Oct. 2023 to Mar. 2024 (forecast)

85.00[Exchange Rate]
Previous
Apr. 2023 to Jun. 2023 (average of actual)
Jul. 2023 to Mar. 2024 (forecast)(JPY/USD)

Revised134.36 Apr. 2023 to Sep. 2023 (average of actual)130.00 Oct. 2023 to Mar. 2024 (forecast)

137.61140.00Note) The aforementioned forecasts are based on the current available information and the actual performances and other results
may differ materially due to various factors in the future.

2. Payment of Interim Dividend and Revision of Year-end Dividend Forecast(1) Details of the interim dividendRecord Date
Dividend per ShareTotal Dividend Payment
Effective Date
Dividend Source

Determined Dividend

Latest Dividend
Forecast (disclosed onMay 12, 2023)

September 30, 2023
125.00 yen
6,787 million yen
December 12, 2023
Retained Earnings

September 30, 2023
100.00 yen-(2) Details of the year-end dividend forecast revision
2nd quarter-end

100.00Previous forecasts (on May 12, 2023)
Revised forecasts

125.00150.00

Actual dividends for FY2024/3
Actual dividends for FY2023/3

Previous Interim
Dividend (Six monthsended September 30,2022)

September 30, 2022
150.00 yen
8,144 million yen
December 12, 2022
Retained Earnings

Dividend per Share (Yen)
Year-end-

100.00125.00220.00-

Annual total

200.00250.00370.00-(3) Reason for revision of year-end dividend forecast
Our basic policy for profit distribution is to pay dividends in line with business results for each fiscal year,with a target consolidated dividend payout ratio of 30% basically. Based on this policy, we have revised ouryear-end dividends forecasts to be increased to 125 yen per share and annual total dividends to 250 yen, inconjunction with the revision of the consolidated earnings forecasts for the fiscal year ending March 31, 2024
disclosed today.

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