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Presentation of Consolidated Financial Results for the Six Months

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Presentation of Consolidated Financial Results for the Six Months Note: The following report is an English translation of the Japanese-language original. PresentationPresentation ofof ConsolidatedConsolidated FinancialFinancial ResultsResults forfor thethe SixSix MonthsMonths EndedEnded SeptemberSeptember 30,30, 20092009 November 9, 2009 Japan Petroleum Exploration Co., Ltd. 1 copyright© JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved. Cautionary Statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substantially from these projections due to various factors. The provision of this document should not be construed as a solicitation for investment. Copyright: All information contained herein is protected by copyright, and may not be copied or reproduced without the prior consent of JAPEX. Note: The following abbreviations are used within this document: 1H = First half (1Q-2Q) 2H = Second half (3Q-4Q) (a) = Actual result (e) = Estimate Any inquiries about the information contained herein or other Investor Relations questions should be directed to: Investor Relations Group, Media & Investor Relations Department, Japan Petroleum Exploration Co., Ltd. TEL: +81-3-6268-7111 2 ContentsContents 1.1. Business Overview President Osamu Watanabe 2.2. Consolidated Financial Results for the Six Months Ended September 30, 2009 Senior Managing Director Hiroshi Sato 3.3. Revised full year forecasts for the Fiscal Year Ending March 31, 2010 Senior Managing Director Hiroshi Sato 3 Business Overview Business Overview President OsamuOsamu WatanabeWatanabe 4 Business Overview Trends in Crude oil prices and Foreign exchange rates $140 ¥130 $130 ¥125 $120 ¥120 $ $110 ¥115 \/ $100 ¥110 $90 ¥105 Exchange Rate $80 \/$ (right axis) ¥100 $-denominated $/bbl $70 ¥95 $60 $-denominated Price ¥90 [Exchange Rate] [Exchange $50 $/bbl (left axis) ¥85 [Price] $40 ¥80 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 Japan Crude Cocktail (JCC) Price in the first ten days of Oct. （prompt report basis） ＄70.49 /bbl ¥90.98 /＄ 5 Business Overview Revised estimate for the fiscal year ending March 31, 2010 Billion yen Billion yen 225 45 FY2009 FY2010(e) Net sales (left axis) 202.1 [ Billion ￥] (a) Initial estimate Revised estimate Revised estimate 200 Ordinary income (right axis) 40 announced May 14 announced Aug.7 announced Nov.6 Net imcome (right axis) Net sales 202.1 129.3 153.4 173.1 173.1 175 35 Operating income 20.0 0.9 6.5 8.0 153.4 Ordinary income 22.3 5.9 10.7 12.5 150 30 Net income 12.5 4.7 7.7 9.1 129.3 [Oil price and Exchange rate assumptions] 125 25 ($/bbl) 22.3 JCC price 89.71 40.00 57.38 64.31 Exchange rate (￥/$) 102.56 90.00 91.39 92.43 100 20 ■FY2010 Revised estimate 1Q (a) 2Q (a) 3Q (e) 4Q (e) 75 12.5 12.5 15 10.7 JCC price ($/bbl) 47.92 65.88 70.00 Exchange rate (￥/$) 97.69 95.37 90.00 50 5.9 10 【Points of Revisions】 25 9.1 5 7.7 ① Downward revision of the sales program due to 4.7 weaker demand for natural gas 0 0 ② Assumptions for JCC prices: FY2009 FY2010 FY2010 FY2010 Revised Estimate Aug.7････2Q: $60.00 3Q-4Q: $60.00 (actual) Initial estimate Revised estimateRevised estimate May 14, 2009 Aug.7, 2009 Nov.6, 2009 Revised Estimate Nov.6････2Q: $65.88 3Q-4Q: $70.00 6 Business Overview Business Highlight during First Half of 2009（Apr．1- Sep.30, 2009) Natural gas business Drillings of production wells 2 wells drilled in Yufutsu oil & gas field : 「Numanohata SK-9D」 「Numanohata SK-10aD」 2 expansion projects of production facilities at Yufutsu oil & gas field（Hokkaido) and at Niigata are both in progress steadily Domestic E & P Drilled 1 exploration well : 「Yashimakogen SK-1D」,south of Ayukawa oil & gas field Made 2 seismic surveys: 2D seismic survey in 「Minami(south) Kashiwazaki」 3D seismic survey around 「Katakai」 Overseas E & P Libya： Drilled 1 exploration well in 40-3/4 block(offshore) and 1 exploration well in 176-4 block (onshore) Canada：・Drilled delineation wells for reserve evaluation ・Conducting environmental impact assessment from May 2008 7 Business Overview Domestic exploration： Result for the 1H & Plan for 2H in FY2010 Drilling schedule Fiscal year ending March 31, 2010 Notes 1Q 2Q 3Q 4Q Yashimakogen SK-1D Exploration well Iwafune Oki Z Extention well Yashimakogen SK-1D = result Total Depth: 3,502m = plan Iwafune Oki Z Total Depth: 2,240m 8 Business Overview Overseas business: Basic Strategy Ensure an appropriate portfolio balance between exploration projects & development projects Set strategic regions, continue the regions-focused strategy Seek up-stream & mid-stream LNG projects Canada Oil sands development Sakhalin (Production & Exploration (reserve evaluation)) North Africa Sakhalin 1 Project 2 blocks in Libya (Production) (Exploration) Southeast Asia Middle East Iran: JJI S&N (Production) Iraq: Technical cooperation with Ministry of Oil Legend Indonesia: Kangean Block (Production & Development), =Strategic regions Block A (Development), Buton (Exploration), =Blocks in which our consolidated Universe Gas & Oil (Production) subsidiaries, equity method companies, etc. hold interest. 9 Business Overview Current status of overseas business ① Canada： Oil Sands Canada Oil Sands Co., Ltd. Operator: Japan Canada Oil Sands Ltd. (JACOS) Consolidated subsidiary (86.64% owned by JAPEX) (Canadian subsidiary, wholly owned by Canada Oil Sands Co., Ltd. ) Areas in which JACOS holds interest in oil sands leases Production Area: producing around 8,000 bbl/d of bitumen at 19 pairs of SAGD wells in 3.75 section area (100% interest) of the Hangingstone area Current status of development of undeveloped part of Hangingstone area (75% interest) ： － Plan to start bitumen production with expected capacity of up to 35,000 bbl/d in fourth quarter of 2014 － Prepare for project licencing application in end-March 2010 ・assessing the volume of reserves ・assessing the environmental impact ・doing conceptual planning － FID・・・・in third quarter of 2011 Contingent resources of undeveloped oil sands areas held by JACOS: 1,717 million barrels (as of end-December 2008) Areas where oil sand resources were evaluated The Hangingstone area, the Chard area, the Corner area and the Thornbury area were evaluated. The evaluated areas consist of solely owned and jointly owned areas, are 788.4km2 (gross) or 373.4km2 (net). Bitumen also exists in the Liege area, but there is no bitumen development plan at present due to the subsurface conditions of its existence. 10 Business Overview Current status of overseas business ② Sakhalin 1 Project OVERVIEW Sakhalin 1 Consortium 0510 Company Country Interest Odoptu Exxon Neftegas Ltd. U.S. 30.0% Odoptu Kilometers PAD#2 Sakhalin Oil and Gas Japan 30.0% Development Co., Ltd. PAD#1 Sakhalinmorneftegas-Shelf Russia 11.5% RN-Astra Russia 8.5% ONGC Videsh Ltd. India 20.0% Sakhalin Oil and Gas Development Co., Ltd. (SODECO) Minister of Economy, Trade and Industry 50.00% JAPEX 14.46% ITOCHU Corp. 14.46% Oil to Onshore Processing Marubeni Corp. 11.68% Facility at Chayvo Bay Others 9.40% Oct. 2005 : Started production of crude oil. (for Russian domestic market) Onshore Processing Oct. 2006 : Commenced exports of Sokol crude. Facility Feb. 2007 : Reached peak gross production target (250,000 bbl/d). PAD Jan. 2008 : Reached cumulative production of 100 million bbl. Oil Line to Mar.2008 : First dividend DeKastri CIDS 【Odoptu】 May 2009: Started drilling of production well Val Latter half of 2010: Plan to start production ChayvoChayvo Chayvo 【Arkutun-Dagi】 Now under preparation for development Arkutun-DagiArkutun - Dagi 11 Business Overview Current status of overseas business ③ Libya: Block 40-3/4, Block 176-4 ¾¾ Japex Libya Ltd.: Consolidated subsidiary (wholly owned by JAPEX) Offshore Block 40-3/4 (coastal area of the Mediterranean Sea) Interest： 42% (Operator) Operating result and plan: Tripoli Block 40-3/4 Mar.-Apr. 2009: Drilled 1st exploration well (⇒plugged & abandoned). 2010 : Plan to spud 2nd exploration well. Onshore Block 176-4 Block 176-4 (southwest area of Murzuk region) Interest: 100% (Operator) Operating result: Jul.-Sep. 2009: Drilled 1st exploration well (⇒plugged & abandoned). Conducting technical training for engineers from Libyan National Oil Corporation to strengthen mutual relations. 12 Business Overview Current status of overseas business ④ Iraq Participation for oil development in Iraq The 1st licensing round (End-June 2009） ・6 production oil fields were offered Kirkuk ・Participated as a consortium ⇒ unsuccessful The 2nd licensing round Bai Hassan (Scheduled in December 2009) ・Discovered but not-yet-developed 10 oil fields ・Final preparing for the round with potential partners Missan Other initiatives Plan to provide technical support for 3D seismic on a certain oil field West Qurna Plan to have courses and seminars for Ministry of oil Zubair experts Rumaila = 6 oil fields offered in 1st licencing round 13 Business Overview Current status of overseas business ⑤ Indonesia: Kangean Block ¾ Kangean Energy Indonesia Ltd. (KEI) and two other companies： Equity-method affiliates ¾ Block Name: Kangean Block (offshore East Java） Jakarta ¾ JAPEX Interest：25% Surabaya Java Island ¾ Operator: KEI Pagerungan Utara oil field (Development) West Kangean gas field (Exploration) ¾ Current gross production: Kangean Island Crude oil equivalent of around 10,000 boe/d Pagerungan gas field (Production) East Java Pipeline ¾ Plan to expand production TSB gas field (Development) Sepanｊang Island oil field (Production) to around 60,000 boe/d through To production of additional Surabaya 300 million cf/d (TSB gas field) in 2011.
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