Japex Gives Up Philippine License SC46 Block

Japan Petroleum Exploration Co., Ltd. announced that its consolidated subsidiary, Japex Philippines Ltd. decided to relinquish SC 46 block, located in Tanon Strait, the Philippines at the expiration date of Exploration Period, June 20, 2008, because of the lack of a commercial oil and gas discovery as a result of exploration work including drilling of one exploration well.

The 2,580-square-kilometer SC 46 block is located in the Tanon Strait between the islands of Negros and Cebu. Japex serves as the operator of the block with 65%, and Kufpec Philippines holds the remaining 35%.