MOECO finds Oil in Four Wells Drilled in Offshore Cambodia Block A

January 13, 2005 Project

Mitsui Oil Exploration Co., Ltd. ("MOECO", Head office: Hibiya Central Bldg. 2-9, Nishi Shimbashi 1-Chome, Minato-ku, Tokyo, JAPAN / President: Mr. Junji Sato) today announced that Moeco Cambodia Co., Ltd., an affiliated company of MOECO, has discovered crude oil in four exploration wells drilled in offshore Cambodia Block A, in which Moeco Cambodia Co., Ltd. holds a 30% participating interest. Oil net pay logged in the wells ranges from 41 to 139 feet and analysis of samples shows the crude oil is a medium gravity crude with 44°API.

The Block A concession covering 6,278 square kilometers with water depths averaging 240 feet is located about 120 kilometers offshore Cambodia. Chevron Overseas Petroleum (Cambodia) Ltd. is the operator and holds a 55% interest with LG Caltex Oil Co. holding the remaining 15% interest.

The five well drilling campaign began on October 13, 2004, with the drilling of Pisnuka #1 which reached a total depth of 11,874 feet. The second well, Sovann Phum #1 spudded on November 4, 2004, was drilled to a total depth of 12,232 feet. The third well, Sirey Sambat #1 was spudded on December 8, 2004, and reached a total depth of 11,712 feet. The fourth well, Pimean Akas #1 spudded on December 27, 2004, was drilled to a total depth of 11,660 feet. The drilling campaign will conclude with one additional exploration well that is expected to be completed in February 2005. The results of all five wells will be assessed upon completion of the drilling program.