Acquisition of interest in Block L20/50 onshore Thailand

October 29, 2012 Project

Mitsui Oil Exploration Co., Ltd. (MOECO) is pleased to announce that Siam　Moeco Ltd. (SML), a wholly-owned subsidiary of MOECO, has entered into a　definitive agreement to acquire the entire 100% interest in Block L20/50 onshore　Thailand from Carnarvon Thailand Limited (Head office: Perth, Western　Australia) and Sun Resources NL (Head office: Subiaco, Western Australia) subject to receipt of customary approvals from the relevant Thai governmental authorities. SML will become the operator of the L20/50 Block.

Block L20/50 is located in a geologically high potential area containing the Sirikit field with the largest oil reserves in onshore Thailand. The Block is also close to Block L11/43 also operated by SML and which is currently producing approximately １,300 bbl /day of oil. SML intends for substantial exploration activities including 3D seismic data and exploration drilling to be undertaken in Block L20/50 utilizing its experience and knowledge of the area.

MOECO has positioned Thailand and other targeted parts of South East Asia as its core business area. The acquisition of Block L20/50 strengthens MOECO's core business base and further enhances the company's ability to undertake projects in the role of an operator. MOECO aims to further expand its business and pursues further acquisitions of new projects in this region and other areas around the world.