Receipt of BP's invoice regarding the oil spill incident in the Gulf of Mexico

August 3, 2010 Project

In connection with the oil spill incident at the Deepwater Horizon rig in the Gulf of Mexico that began in April 2010 (the "Incident"), MOEX Offshore 2007 LLC ("MOEX Offshore"), a wholly owned subsidiary of MOEX USA Corporation, which in turn is wholly owned by Mitsui Oil Exploration Co., Ltd. ("MOECO"), has received invoices in an aggregate amount, as of July 31, 2010, of approximately US$ 480 million from BP, which is the operator of the relevant project. It is expected that MOEX Offshore will continue to receive invoices from BP. MOEX Offshore has stated that it is withholding payment of these invoices because of the numerous ongoing investigations currently taking place to determine the facts and circumstances surrounding the Incident.

MOEX Offshore has informed MOECO that, given MOEX Offshore's 10% non-operating interest in the relevant lease, in light of the ongoing investigations referenced above, MOEX Offshore is currently unable to estimate its potential liability for the costs associated with the Incident or to determine how its affiliates might be affected. Thus, at this time MOECO is unable to determine the impact, if any, the Incident might have on its financial position or cash flow.