MOECO wins in the third bidding round for Libyan exploration block(Area 201 Blocks 1,2,3&4)

December 21, 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 201 Blocks 1,2,3&4 as part of a joint bid lodged with Wintershall Libyen Oil & Gas GmbH on the Bid Opening Date for the third bidding round held in Tripoli, Libya on 20th December.

Wintershall 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. MOECO has been focusing on Libya to establish new ventures and expand its global portfolio of projects. The acquisition of the Libyan exploration blocks is a good fit in MOECO's strategy of expanding its business activities. Exploration success in the block will complement its core business activities in Thailand and strengthen its overall business structure.