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Henry and Netherby Gas Fields Commence Production

Feb. 23, 2010


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Mitsui & Co. Ltd. ("Mitsui") announced today that the Henry and Netherby Gas Fields , in which Mitsui's wholly owned subsidiary, Mitsui E&P Australia Pty Ltd ("MEPAU") owns a 25% interest, has successfully commenced first gas production on 21st February.

Outlined below is a summary of the Project

Location Within Production License VIC/L30 in Otway Basin, located 30km offshore of South East Australia
Proven and Probable (2P) Reserves
(Total Project)
Henry : 5.4 Billion cubic meters (35 Million boe)
Netherby : 3.7 Billion cubic meters (24 Million boe)
Total : 9.1 Billion cubic meters (59 Million boe)
Participants Santos Limited (Operator) : 50%
AWE : 25%
MEPAU : 25%

The Henry (discovered in 2005) and Netherby (discovered in 2008) Gas Fields lay adjacent to Casino Gas Field which started production in 2006, and has been developed by connecting the subsea pipeline and umbilical to the existing Casino Facilities.
The gas from both fields will be sold under an existing Gas Sales Agreement with TRUenergy, and will be supplied into the southeast Australia region making a substantial contribution to the regional supply on a long term basis. MEPAU's share of additional 2P reserves from both fields will be approximately 2.3 Billion cubic meters (15 Million boe).

Mitsui has positioned its energy and mineral resources business as a strategically significant business area and will continue to acquire attractive oil and natural gas assets in order to establish a more robust and well-balanced portfolio. In this business area, Mitsui has positioned the Oceania region as one of the core areas, due to the region's stable political environment and competitive location as a stable source of energy supply for the Asia Pacific countries, including Japan. Mitsui aims to pursue continuous exploration and production of natural resources in the region, contributing to Oceania's regional economics.

Gas field location map

Notice:
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.

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Kazuhisa Kawamura
Telephone: +81-3-3285-7540
Facsimile: +81-3-3285-9819