INPEX SELLS PNG INTERESTS TO KUMUL

June 16, 2017

Inpex Corporation announced today that it has sold a 40.1% participating interest in Block PDL3 (the Production Block) in Papua New Guinea held by Southern Highlands Petroleum Co., Ltd. (Southern Highlands), in which INPEX holds a 10% share, to Kumul Petroleum Holdings Limited, Papua New Guinea’s national oil and gas company. This results from a proposal by Southern Highlands concerning the sale of its participating interest in the Production Block to Kumul, to which Inpex agreed from the perspective of optimizing the INPEX Group’s global asset portfolio. Southern Highlands’ other investors have also agreed to the proposal. INPEX acquired shares in the Production Block in 1990 through investing in Southern Highlands, and has taken part in production and operation activities in the SE Gobe Oil Field, which straddles the Production Block and the adjacent Block PDL4. SE Gobe Oil Field was unitized in 1998. (Source: Inpex)