[Translation]
October 25, 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 the Tentative Price Range for Book Building
We hereby notify you that the tentative price range for book building with respect to thesecondary offering of the Company’s common stock has been determined as follows.
1.

Tentative Price Range
Between 430,000 yen and 465,000 yen per share

2.

Grounds for Determination of the Tentative Price Range
The tentative price range was determined after taking into account all factors including
the nature of the Company’s business, the Company’s operating results and financial
conditions, comparisons with public corporations with which there is a high degree ofsimilarity with respect to such matters as the nature of business, opinions of parties suchas institutional investors who are deemed to be highly capable in assessing prices, theoutlook for demand, the present conditions of the stock market, market appraisals ofrecent initial public offerings, and any volatility risks until the listing date.

[Reference]1.
Summary of Offering(1) Number of Shares subject
to the Offering

343,725 shares of the Company’s common stock
The number of shares subject to the offering is scheduled
to be 249,201 shares for the Japanese offering and 94,524
shares for the international offering, but the final numberof shares for the Japanese and international offerings arescheduled to be determined on the Offer Price
Determination Date (November 8, 2004), up to a combined
maximum total of 343,725 shares to be offered, upontaking the level of demand into account.

(2)

Period for Declaring
DemandOctober 26, 2004 (Tuesday) to November 5, 2004 (Friday)

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.

(3)Offer Price Determination
DateNovember 8, 2004 (Monday)(4)Subscription Period

November 9, 2004 (Tuesday) to November 12, 2004(Friday)(5)

Delivery Date of Share
CertificatesNovember 17, 2004 (Wednesday)

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.