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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui") is pleased to announce that it has entered into a definitive agreement with Afren Energy (Ghana) Limited, a wholly owned subsidiary of Afren Plc ("Afren"), to acquire a partial interest in an oil and gas exploration block in the Republic of Ghana ("Ghana"). The other joint venture partners are GNPC (state-owned oil and gas company, the Republic of Ghana) and Gulf Atlantic Energy Ltd. The closing of the transaction is subject to the consent of GNPC and the Government of Ghana.
The acquired interest in the exploration concession is for the Keta block ("Keta"), located approximately 40 km off the eastern coast of Ghana. Drilling of an exploration well for hydrocarbons is planned to be carried out within the year.
Recognizing that the Keta exploration program is a project in a frontier region in West Africa, Japan Oil, Gas and Metals National Corporation ("JOGMEC") selectively approved Mitsui's application for 75% Equity Capital Finance. Mitsui and JOGMEC have established Mitsui E&P Ghana Keta Limited for their participation in this project. It is the first time for a Japanese corporation to participate in commercial exploration activities in Ghana.
Mitsui has positioned the oil and gas exploration and development projects in the energy and natural resources as a priority business and aims to establish a well-balanced portfolio of attractive assets in frontier regions such as Africa, much like this Ghanaian opportunity, in addition to pursuing opportunities in its core operating bases in Oceania, the Middle East, Southeast Asia and North America. Through this project, Mitsui also looks forward to contributing to the further development of Ghana's society and economy.
|Project Parties||Participating Interest|
|Afren Energy Ghana, Limited||68.0%||(Operator)|
|Mitsui E&P Ghana Keta Ltd.||20.0%||(Share of voting rights: Mitsui 51%; JOGMEC 49%. JOGMEC's shares exceeding 49% do not have voting rights.)|
|GNPC (state-owned oil and gas company, the Republic of Ghana.)||10.0%||(The above project parties will proportionately bear cost and expenses during the exploration period.)|
|Gulf Atlantic Energy Ltd.||2.0%||(The above project parties will proportionately bear costs and expenses during the exploration period.)|
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.