INPEX AWARDED EXPLORATION LICENSE IN THE BARENTS SEA

February 06, 2018

Tokyo based Inpex announced that through its subsidiary INPEX Norge AS, it has jointly been awarded exploration license PL950 located in the western Barents Sea offshore the Kingdom of Norway as part of Norway’s Awards in Predefined Areas (APA) 2017 licensing round. The annual APA licensing rounds aim to promote the further exploration of blocks in previously explored, mature areas by allowing tenders to be submitted for any acreage within predefined areas where licenses have not been awarded. The License provides the groundwork for INPEX’s second exploration project in Norway following the company’s acquisition of exploration license PL767 also in the western Barents Location of License PL950 Sea, and is expected to contribute to the further enhancement of INPEX’s global project portfolio. Inpex will next follow the required administrative procedures involving Norwegian government authorities, Lundin Norway, the operator of the License and a subsidiary of Lundin Petroleum, as well as Petoro AS, a partner, prior to assessing the possibility of discovering hydrocarbon deposits through exploration activities. The License is located in the western Barents Sea approximately 70 kilometers offshore Norway and covers a surface area of approximately 190 square kilometers where the water depth ranges between approximately 130 and 200 meters. License shareholders include Lundin (50%), Petoro (20%) and INPEX (30%). (Source: Inpex)