Inpex Makes Final Investment Decision on Ravensworth Development

INPEX's subsidiary INPEX Alpha, Ltd., has made the final investment decision concerning the Ravensworth Oil Field development, offshore Western Australia.

The Ravensworth Field is located at WA-155-P (Part 1) Permit Area, a distance of 35 kilometers offshore, with a water depth of 215 meters. The field was discovered by the Ravensworth-1 well drilled in WA-155-P (Part 1) Permit Area in 2003. Appraisal and engineering works for field development have been carried out after the discovery.

The Ravensworth Field will be developed in conjunction with the BHP Billiton-operated Pyrenees project located in License WA-12-R. The oil production from WA-155-P (Part 1) Permit Area will be started during the second half of calendar year 2010. A twenty-five year period is expected for the field production.

INPEX holds a 28.5% participating interest in joint venture with the operator, BHP Billiton (39.999%) and Apache (31.501%).