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ITOCHU Corporation approval of development of the Western Isles Development Project, U.K. North Sea

Monday, Dec 17, 2012

CIECO Exploration and Production (UK) Limited ("CIECO", London, U.K.), 100% owned subsidiary of ITOCHU Corporation (headquarters: Tokyo; President and CEO: Masahiro Okafuji; hereinafter "ITOCHU"), holding the working interest of Block 210/24a (Rest of Block) with Dana Petroleum (E&P) Limited, operator of the block and 100% owned subsidiary of Dana Petroleum Plc. (headquarters: Aberdeen, U.K. hereinafter "Dana"), has decided to jointly develop the newly discovered Harris and Barra oil fields in the aforementioned block (Western Isles Development Project, "WIDP"), and we are pleased to announce that the development plan was approved by the Department of Energy & Climate Change ("DECC").

In 1993, ITOCHU entered into oil and gas upstream business in North Sea by acquiring the working interests in the Hudson, Hutton and North West Hutton fields, followed by an acquisition of an interest in the Alba field in 2005. Managing those assets we have been continuously engaged in oil exploration and production business in North Sea.

With regard to WIDP, CIECO joined the exploration activity in 1996 and it has contributed its technical and commercial knowledge accumulated working in the North Sea to see WIDP to the development stage. CIECO will continue to use its experience to bring WIDP to production and, moreover, expand its upstream business.

Recoverable oil reserves of WIDP is estimated over 45 million barrels and the cost to develop the Harris and Barra fields is expected to be at US$1.6 billion. First oil is expected in 2015 and CIECO estimates that it will increase ITOCHU’s net production approximately 10,000 barrels oil per day. In the first half of 2012, ITOCHU’s production rate was approximately 60,000 barrels oil equivalent per day. CIECO will be provided financial guarantees for WIDP by Japan Oil, Gas and Metals National Corporation (JOGMEC).

Source: ITOCHU Corporation

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