Acquisition of Interest in Block M-3 Offshore Myanmar

March 14, 2013 Project

Mitsui Oil Exploration Co., Ltd. ("MOECO") is pleased to announce that Moeco Asia Pte. Ltd. ("MOECO Asia"), a wholly-owned subsidiary of MOECO, has entered into a Farmout Agreement to acquire a 20% interest in the Production Sharing Contract covering Block M-3 offshore　Myanmar from PTTEP International Limited (Head office: Bangkok, Thailand) ("PTTEPI"), a wholly-owned subsidiary of PTT Exploration and Production Public Company Limited and the current holder of the entire 100% interest in the Block.

Subject to customary approvals from the Myanmar Government for the transfer of the interest, MOECO Asia will participate in Block M-3 as a non-operator, with the resultant interests after the transfer being as follows:

PTTEPI (Operator)	80%
MAP	20%

Block M-3 is located in a geologically high potential area close to the Yadana gas field, one of the major gas fields discovered in offshore Myanmar. In 2011, an exploratory well was drilled in Block M-3 which resulted in the discovery of natural gas.

MOECO has positioned Myanmar and other targeted parts of South East Asia as its core business area. The acquisition of the interest in Block M-3 further strengthens MOECO's core business base in the region as it aims to further expand its business and pursues further acquisitions of new projects in the region and globally.