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Contract Extension In the West Bakr Block, Egypt

Source: www.oilegypt.com 7/28/2005, Location: Africa

The Egyptian Petroleum Development Co., Ltd. (EPEDECO), one of TEIKOKU’s consolidated international subsidiaries, reached an agreement and executed the “Extension Contract” with the competent body of Egypt to extend the currently existing Production Sharing Contract for ten (10) years from April 2010, the original expiration date. The Extention Contract shall therefore be until April 2020, with the optional five (5) years’ reextention, subject to the approval of the Republic. Since its production commencement in 1980, EPEDECO has been engaged in the project as the Operator and produced about 40 million barrel of oil by the end of last year, with the daily production level of at about 5,400 barrel of oil per day in the onshore West Bakr Area.

TEIKOKU has been highlighting the North Africa region as one of the Core Areas for TEIKOKU’s long-term business portofolio and the Republic has been presiding such strategy to date. Besides the aforementioned production activities, TEIKOKU has also been engaged in exploratory operations in South East July and South October Blocks locating offshore Gulf of Sues and in North Qarun Block locating Western Desert. Including the vigorous operations in the North African region, we TEIKOKU commit ourselves to further expanding international activities, by generating exploratory projects and by asset purchase mainly in the Core Areas, to reach the ultimate goal to make our international business as one of our operating base.

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