[Translation]
November 8, 2004
To whom it may concern:
INPEX CORPORATION
Kunihiko Matsuo
Representative Director and President(Code Number: 1604)
Inquiries to: Yutaka Inoue
Director, Public Affairs Department(Tel: 03-5448-1201)
Notice of the Determination of Offer Price and Number of Shares for Japanese andInternational Offerings
We hereby notify you that the offer price of the Company’s common stock and the number ofshares subject to the offering in the Japanese and overseas markets were determined today asfollows.

1.

Offer Price
465,000 yen per share2.

Number of Shares subject to the OfferingJapanese offering:
249,201 sharesInternational offering:
94,524 shares

3.

Reasons for Determination of Offer PriceIn determining the offer price, book building was carried out with mainly domestic andoverseas institutional investors for a scheduled number of 249,201 shares in theJapanese market and 94,524 shares in overseas markets, based on the tentative pricerange (between 430,000 yen and 465,000 yen).
Significant results of the book building were as follows:(i) The total number of shares declared to be in demand was well over thenumber of shares subject to the offering.
(ii) The declared demand was concentrated at the high end of the tentative pricerange.
(iii) The level of demand declared was high.
As a result of the book building described above, the Company determined the offer
price to be 465,000 yen, which is the price where demand is expected to exceed thenumber of shares subject to the offering, upon taking into account all of the factors
including the present conditions of the stock market, market appraisals of recent initialpublic offerings, and volatility risks until the listing date.
The Company determined the breakdown of the shares subject to the offering to be249,201 shares for the Japanese offering and 94,524 shares for the internationaloffering.

This document is a press release for public information only. It has not been prepared for the purpose of soliciting investment in shares ofINPEX Corporation (the “Company”), nor does it constitute an offer of any securities for sale in Japan. If you intend to invest in shares of theCompany, you are required to read the Company’s Japanese prospectus (including any amendments to it) and to make your own decision, atyour responsibility, on whether to invest or not. This is not an offer of securities for sales in the United States. Securities may not be offeredor sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will
be made by means of a prospectus that may be obtained from the Company or the selling shareholder and will contain detailed information
about the Company and its management, as well as financial statements of the Company. No public offering of securities will be made in
the United States in connection with the above-mentioned transactions.

[Reference]
Summary of Offering(1)

Number of Shares subjectto the Offering

343,725 shares of the Company’s common stock(i) Japanese offering:
249,201 shares(ii) International offering:
94,524 shares(2)

Subscription Period

November 9, 2004 (Tuesday) to November 12, 2004
(Friday)(3)

Delivery Date of Share
Certificate

November 17, 2004 (Wednesday)(4)

OthersIn the offering at this time, the underwriters will sell 240
shares (0.1% of the number of shares subject to theJapanese offering) of the Japanese offering to theEmployee Stock Ownership Association of the Company
pursuant to the provisions of Article 9, Paragraph 3, Item 3of the “Regulations concerning Underwriting of Securities”(Fair Business Practice Regulations No. 14) prescribed by
the Japan Securities Dealers Association.

EndThis document is a press release for public information only. It has not been prepared for the purpose of soliciting investment in shares ofINPEX Corporation (the “Company”), nor does it constitute an offer of any securities for sale in Japan. If you intend to invest in shares of theCompany, you are required to read the Company’s Japanese prospectus (including any amendments to it) and to make your own decision, atyour responsibility, on whether to invest or not. This is not an offer of securities for sales in the United States. Securities may not be offeredor sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will
be made by means of a prospectus that may be obtained from the Company or the selling shareholder and will contain detailed information
about the Company and its management, as well as financial statements of the Company. No public offering of securities will be made in
the United States in connection with the above-mentioned transactions.