Mitsubishi Begins Gulf of Mexico Production & Assumes Operatorship

Mitsubishi Corporation has commenced oil production at a newly developed field in the Gulf of Mexico, where MC has been engaged in exploration, development and production of crude oil and natural gas since 1998. MC, through its fully owned subsidiary, will assume responsibility for developing and producing oil in the block as an operator.

The Mustang Island Block 726, located in the GoM, has commenced oil production, making it the sixth producing field in the GoM for MC. MC is currently participating in the development of three other fields in the GoM with first production expected in late 2005, and the combined peak production rate from all fields in the GoM is expected to ramp up to 20,000 barrels of oil equivalent per day (BOEPD) in 2006.

MC acquired the Mustang Island Block 726 together with Texas-based Tarpon Offshore, LP (Tarpon), a highly-acclaimed company specialized in the development of oil and gas fields in the offshore GoM. Development activities have been conducted jointly with Tarpon, and MC has acquired their 30% working interest to become the 100% working interest holder of the block. MC will take over as the operator of the field on the completion of registration and after obtaining necessary permits from the relevant agencies. MC also plans to acquire neighboring blocks with 100% working interest and will conduct exploration activities to pursue potentials for the development of oil and gas.

The Gulf of Mexico continues to be a key area for MC, thanks to its good investment climate conditions along with its great access to markets and highly developed pipeline infrastructures. MC is committed to exploring and developing new opportunities in this region. Exploration and Production (E&P) of oil and gas is a strategically important business segment for MC and the company plans to enhance its expertise in developing new oil and gas fields by acquiring operatorships to expand the company's E&P activities.

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