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

March 25, 2014
Company Name: Japan Petroleum Exploration Co., Ltd. (JAPEX)
President:

Osamu Watanabe

Inquiries:

Media and Investor Relations Department

TEL.:+81-3-6268-7110
Acquisition of Interestin Exploration Licence, UK North Sea and Establishment of New SubsidiaryJapan Petroleum Exploration Co., Ltd. (“JAPEX”) is pleased to announce that, through its
newly established wholly owned subsidiary, JAPEX UK E&P LIMITED, it has signed anagreement to acquire participating interests in four licences located in the UK North Seafrom Apache North Sea Limited (“Apache”) in return for the payment of certain well andother costs. The four licences are P1621/P1622 (the Seagull prospect), P1998 (the Val D’Isereprospect), and P2001 (the Les Arcs prospect). Apache holds a 50% interest in the Seagull
prospect and 60% interests in the Val D’Isere and Les Arcs prospects at the date of signing
the agreement. Apache remains the designated operator of the Val D’Isere and Les Arcs
prospects. Talisman Sinopec Energy UK Limited remains the designated operator of theSeagull prospect.
Apache Corporation, the parent company of Apache North Sea Limited, is an independent
energy company that explores for, develops, and produces natural gas, crude oil and naturalgas liquids. Apache Corporation and its subsidiaries currently have exploration andproduction interests in five countries: the U.S., Canada, Egypt, Australia and offshore theU.K. in the North Sea.
The Seagull prospect, the Val D’Isere prospect, and the Les Arcs prospect licences arelocated approximately 300km east of Aberdeen, in the North Sea, covering a total area of306km2 with a water depth of around 100m. On the Seagull prospect, 3D seismic wasacquired and one well has been drilling since January 2014. At the Val D’Isere and Les Arcs
prospects, a 3D seismic survey is being reprocessed and one well is planned on each prospectin the future.
These transfers of interest in the UK North Sea are subject to United Kingdom Governmentand co-venturer approvals.

1/2

Attachment【Outline of New JAPEX Subsidiary】
Establishment： March 19, 2014

Registered Company Name ： JAPEX UK E&P LIMITED
Capital： 1 Pound Sterling (at the date of the establishment)

Director： Kazuo Nakayama (Managing Executive Director of JAPEX)

Location： London, UK

Shareholder： JAPEX 100%

Accounting Closing Month ： December【Outline of Four Licences】
Number of Block： P1621, P1622, P1998, P2001

Location： UK North Sea, approximately 300km east from Aberdeen

Total acreage： 306km2

Participating Interest (pre-transaction)

Participating Interest (post-transaction)

P1621/P1622 (Seagull prospect)
Talisman Sinopec Energy UK Limited(*) 50%

Talisman Sinopec Energy UK Limited(*)50%

Apache North Sea Limited

Apache North Sea Limited

35%

JAPEX UK E&P LIMITED

15%

50%

P1998 (Val D’Isere prospect)
Apache North Sea Limited(*)

60%

Apache North Sea Limited(*)

55%

Premier Oil UK Limited

40%

Premier Oil UK Limited

40%

JAPEX UK E&P LIMITED

5%

P2001 (Les Arcs prospect)
Apache North Sea Limited(*)

60%

Apache North Sea Limited(*)

50%

Premier Oil UK Limited

40%

Premier Oil UK Limited

40%

JAPEX UK E&P LIMITED10%(*)：Operator【Location Map】

NorwayP1998（Val D’Isere）

P2001（Les Arcs）

Aberdeen

P1621/P1622

U.K.

（Seagull）

2/2