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

November 8, 2019
Company Name:Japan Petroleum Exploration Co., Ltd. (JAPEX)Security Code:

1662 (First Section of Tokyo Stock Exchange)

Representative:

Masahiro Fujita, Representative Director and President

Inquiries:

Media and Investor Relations Dept.

TEL:+81-3-6268-7110

Revision of Financial Forecasts, Interim Dividend, and Year-end Dividend Forecast

Japan Petroleum Exploration Co., Ltd. (JAPEX) hereby revised its consolidated financial forecasts for
FY2020/3 announced on August 8, 2019 based on our recent business trends and performance.
Also, payment of dividend recorded on September 30, 2019 (interim dividend) was resolved at the Boardof Directors’ meeting on November 8, 2019, and forecast of year-end dividend was revised.
1. Revision of Financial Forecast(1) Revision to consolidated forecasts for FY2020/3 (April 1, 2019 - March 31, 2020)
Net sales
Operating
Ordinary
Profitprofitprofitattributable toowners of(Millions of yen)
(Millions of yen)
(Millions of yen)
parentPrevious forecasts (A)325,014

11,344

20,694

Revised forecasts (B)318,351

11,735Difference in amount(6,663)(Millions of yen)

Net incomeper share(yen)18,022315.34

21,89818,820329.29391

1,204797(2.1)

3.4

5.8

4.4

267,980

2,313

12,523

14,770(B - A)
Rate of change (%)(Reference) FY 2019/3

258.44

Note: FY=Fiscal Year (FY2020/3, for instance, means 12 months ended March 31, 2020)(2) Reasons of revision
Compared to the previous announcement on August 9, 2019, net sales is expected to decrease due todecrease in sales volume of overseas oil.
Operating profit is expected to increase due to improvement in profit from diluted bitumen sales stemmingfrom further narrowing of the light-heavy differential*.
Ordinary profit and profit attributable to owners of parent are expected to increase due to increase in inshare of profit of entities accounted for using equity method.
* “Light-heavy differential” is the differential between Western Canadian Select (WCS), which is a major benchmark in Canadian heavy crude oil
pricing used as the reference price for diluted bitumen, and WTI, which is the primary benchmark in light crude oil pricing. WCS fluctuatesdepending on WTI, and demand and supply of heavy crude oil price in North America.

-1-(Reference)[Crude Oil Price (JCC: Japan Crude Cocktail)](USD/bbl)

Previous
Average from April 2019 to June 2019

Revised68.77 Average from April 2019 to September 2019(actual)69.13(actual)July 2019 to March 2020 (forecast)

65.00 October 2019 to March 2020 (forecast)[Exchange Rate]

65.00(JPY/USD)

Previous
Average from April 2019 to June 2019

Revised111.11 Average from April 2019 to September 2019(actual)109.78(actual)July 2019 to March 2020 (forecast)110.00 October 2019 to March 2020 (forecast)107.00Note: 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. Revision of Interim Dividend and Year-end Dividend(1) Interim Dividend
Determined Dividend

Latest Dividend

Previous Year-end

ForecastDividend(announced on May 10,(second quarter of the2019)

year ended March 31,2019)

Record Date

September 30, 2019

September 30, 2019

September 30, 2018

Dividend per Share

25.00 yen

20.00 yen

10.00 yen

Total Dividend Payment 1,428 million yen-571 million yen

Effective Date

December 16, 2019-

December 13, 2018

Dividend Source

Retained Earnings-

Retained Earnings(2) Revision of Year-end Dividend
Dividend per Share
End of Second Quarter

Year-endTotal

20.00 yen

20.00 yen

40.00 yen

Revised Forecast-

25.00 yen

50.00 yen

Actual25.00 yen--

FY2019/3

10.00 yen

30.00 yen

40.00 yenPrevious Forecast(May 10, 2019)-2-

(3) Reason for Revision
With a basic policy of maintaining long-term and stable dividend payout to shareholders, JAPEX
determines an amount of dividend comprehensively based on mid-long term business outlook, considering
our financial plan including retained earnings for future investments, such as securing oil and gas reserves
that is essential in social life, investments for maintaining and expanding our supply infrastructure, andothers, as well as considering profit of each fiscal year and future capital demands.
Based on the policy and consideration of the revised financial forecast as well as the latest financial resultof the fiscal year, the interim dividend was determined to be 25 yen per share, and year-end dividend
forecast was revised to be 25 yen per share. By these revisions, the forecast of total dividend per share of
the fiscal year ended March 2020 is revised to be 50 yen per share.

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