Taiwan's CPC to Acquire Stake in Ichthys LNG Project

Inpex Corporation reported that Inpex has reached agreement for Inpex Ichthys Pty Ltd and other project group companies to transfer a 2.625 percent of the Ichthys LNG Project equity interest to CPC Corporation, Taiwan(CPC).

The Ichthys LNG Project equity interest includes the following elements:

1. Participating interest in production licenses WA-50-L (Ichthys gas-condensate field) and WA-51-L

2. Participating interest in exploration permit WA-285-P (adjacent to WA-50-L)

3. Shares of Ichthys LNG Pty Ltd (a downstream company which owns LNG facilities, liquefies natural gas and does marketing LNG and liquids)

After the completion of the transfer of the 2.625 percent of the Ichthys LNG Project equity interest to CPC, the joint venture partners for the Ichthys LNG Project will be as follows:

Inpex : 63.445 percent

Total :  30.000 percent

CPC :  2.625 percent (subject to the satisfaction of certain conditions precedent including the approval by the Australian government)

Tokyo Gas : 1.575 percent

Osaka Gas : 1.200 percent

Chubu Electric : 0.735 percent

Toho Gas : 0.420 percent

The participants in the Ichthys LNG Project appreciate the continued support from the local communities, the governments of Australian, Western Australian and the Northern Territory, as well support from other stakeholders for timely delivery of the Ichthys LNG Project.

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