JNOC Terminates Exploration Activities on Semirak Block

Japan National Oil Corporation announced that Irian Jaya Gas and Oil Company, Inc., which had been granted JNOC's financial assistance, has withdrawn from an oil exploration project in Semirak block on Irian Jaya, Indonesia. In 1998, Irian Jaya Gas and Oil obtained 60% of participating interests in Semirak block on Irian Jaya, Indonesia. Pertamina was its partner and held the other 40% interest. Two exploratory wells were drilled between 2001 and 2002 only to find no commercially viable reserves. Thus, the company decided to terminate its exploration activities with an approval from the Indonesian authorities.

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