June 18, 2012

NEWS RELEASE ｗｗｗ.jogmec.go.jp Oil, Gas and Metals National Corporation

Contact: Project Department TEL：03-6758-8218 Media Relations: Public Relation Division TEL：03-6758-8106

JOGMEC Assists Japanese Companies to Participate in the Wheatstone LNG Project in Western

JOGMEC (President: Hirobumi Kawano) announced today that it will provide equity financing and loan guarantee to the newly established Japanese vehicle to acquire a participating interest in the Wheatstone LNG Project, one of the largest resource projects in Australia, operated by Chevron Corporation.

The foundation phase of the Wheatstone Project consists of two LNG processing trains with a combined capacity of 8.9 million tonnes per annum (MTPA), a domestic gas plant at Ashburton North in Western Australia, and associated offshore production facilities. The onshore foundation project is a joint venture between the Australian subsidiaries of Chevron (operator 72.14%), Apache (13%), Kuwait Foreign Petroleum Exploration Company (KUFPEC) (7%), Shell (6.4%) and Kyushu Electric (1.46%). The first two LNG trains will be supplied with gas from the Chevron-operated Wheatstone and Iago fields owned by Chevron (approx. 90%), Shell (8%) and Kyushu Electric (1.83%) as well as Julimar and Brunello fields of Apache and KUFPEC. First LNG is planned for 2016.

PE Wheatstone Pty. Ltd. (PEW), a subsidiary of Pan Pacific Energy K.K. (PE), a Japanese corporation recently established by Corporation, Kabushiki Kaisha and the Electric Power Company, Incorporated (TEPCO), will acquire 8% interest in the onshore LNG facility and 10% in the Wheatstone and Iago fields from Chevron. JOGMEC will fund approximately 42% of PE’s voting shares coupled with a loan guarantee covering up to 40% of bank loan to be disbursed to PEW. JOGMEC’s financial assistance will become effective upon the completion of PEW’s participation, and its terms and conditions are subject to the related binding agreements.

PE/PEW’s participation in the Wheatstone Project will reinforce the stable energy supply to Japan, specifically, under long-term off-take agreements, 4.2 MTPA LNG delivered to TEPCO.

1 ■ Background Information

1. Corporate Data

Pan Pacific Energy K.K. Date of Establishment : 22 May,, 2012 Head Office: Chiyoda-ku, Tokyo President: Mr. Hidetoshi Otsuka Voting Shareholders after JOGMEC’s funding: 39.70% Nippon Yusen Kabushiki Kaisha 10.20% The Tokyo Electric Power Company, Incorporated 8.02% JOGMEC 42.08% There may be other non-voting shareholders.

PE Wheatstone Pty. Ltd. Date of Establishment : 15 June, 2012 Head Office: Perth, Western Australia President: Mr. Toshiaki Koizumi Voting Shareholders: Pan Pacific Energy K.K. 99.90% The Tokyo Electric Power Company, Incorporated 0.10%

2. JOGMEC Assistance

Date of Approval: 25 April, 2012 Note: Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained.

Provisional Estimated Amount of Equity Financing: Approx. JPY 28.2 billion Provisional Estimated Coverage of Loan Guarantee: Approx. USD 1,306MM

2