First Oil Production from Western Isles Development Project

Japan Oil, Gas and Metals National Corporation (JOGMEC) announced today that CIECO Exploration and Production (UK) Limited (hereinafter "CIECO UK"), a wholly owned subsidiary of ITOCHU Corporation (ITOCHU) commenced crude oil production from the Western Isles Development Project in the UK North Sea. JOGMEC provides financial guarantee covering a part of the development loan secured by CIECO UK.

?CIECO UK, holding a working interest of Block 210/24a, has been pursuing Western Isles Development Project (“WIDP”) at the aforementioned block with operator, Dana Petroleum Limited. The newly-built Floating Production, Storage and Offloading System is operating and approximately 40,000 barrels of gross daily production is expected at peak, equivalent to approximately 10,000 barrels per day as ITOCHU’s net production.

?In December 2012, JOGMEC announced the above financial support.