MOECO wins in the third bidding round for Libyan exploration block (Area 113 Blocks 3&4)

December 25, 2006 Project

Mitsui Oil Exploration Co., Ltd. ("MOECO", Head office: Hibiya Central Bldg. 2-9, Nishi Shimbashi 1-Chome, Minato-ku, Tokyo, JAPAN / President: Mr. Yoshiyuki Kagawa) is pleased to announce that it has been selected as the winning bidder for Area 113 Blocks 3&4 as part of a joint bid lodged with Inpex Corporation as well as Area 201 Blocks 1,2,3,4 with Wintershall Libyen Oil & Gas GmbH.

Inpex will be the operator of the Area and MOECO is planning to sign the Exploration and Production Sharing Agreement with the Libyan National Oil Company in January 2007.

MOECO is currently active in Thailand, Indonesia, Cambodia, Vietnam, Middle East and the United States. Exploration success in the abovementioned blocks will complement its core business activities in Thailand and strengthen its overall business structure.