INPEX BRINGS ICHYODINSKOYE ON STREAM

Tokyo based Inpex will enter the production phase at the Ichyodinskoye Oil Field located within the Zapadno-Yaraktinsky Block (ZY block) in Irkutsk Oblast in the Russian Federation. This follows the confirmation of commercial quantities of crude oil following long-term production testing aimed at obtaining an accurate assessment of reserves. Inpex is currently involved in exploratory activities in the ZY block and the Bolshetirsky block (BT block) also in Irkutsk Oblast in the Russian Federation with Japan Oil, Gas and Metals National Corporation and Itochu Corporation through Japan South Sakha Oil Co. ZY block and BT block are onshore blocks located approximately 700km north of the city of Irkutsk, and have surface areas of 4,835km2 and 3,307km2, respectively. The crude oil produced from the Ichyodinskoye Oil Field is scheduled to be supplied domestically in Russia as well as exported to Japan and other Asian markets from the Russian Far Eastern port of Kozmino via the Eastern Siberia-Pacific Ocean pipeline. The exploratory activities have also confirmed oil and gas indications within deposits outside of the Ichyodinskoye Oil Field.  (Source: Inpex)