New PSC Signing to Block 15-2 Offshore Vietnam

Japan Vietnam Petroleum Company Ltd. (“JVPC”) (President: Takeo Aoyama), a wholly owned
subsidiary of ENEOS Xplora Inc. (“ENEOS Xplora”) (President and CEO: Yasuhiko Oshida), is
delighted to announce the signing of a new Petroleum Production Sharing Contract (PSC) for
Block 15-2, located offshore Vietnam. The PSC was signed on March 25, 2025 between
PetroVietnam, JVPC and PVEP (*1). Since the original PSC for this block was signed in 1992,
JVPC has been operating Rang Dong and Phuong Dong oil fields within the block as the
operator (*2). With the current PSC set to expire on 6 April 2025, a new PSC for the block
was signed with the approval by the Prime Minister of Vietnam. This PSC is among the first to
be awarded under the new Petroleum Law in the country, effective from July 2023. JVPC will
continue as the operator of Block 15-2 under the new PSC.
JVPC commenced the exploration activities in 1992, leading to the oil discoveries and
subsequent productions at Rang Dong and Phuong Dong oil fields in 1998 and 2008
respectively. The cumulative oil production in the block has reached over 250 million barrels.
Remarkably, JVPC has maintained over 21 consecutive years of operations without any Lost
Time Injuries (LTI), signifying its commitment to the safe and stable operations.
JVPC has built a strong reputation in Vietnam as a responsible operator and has been
recognized for its pioneering projects. These projects include, but not limited to, the world’s
first Clean Development Mechanism (CDM) project for the recovery and effective utilization of
crude oil associated gas, introducing Vietnam’s first HCG-EOR (*3) technology, and conducting
a CO₂-EOR(*4) pilot test.
ENEOS Xplora considers Vietnam as one of its core business countries, aiming to strengthen
and grow its longstanding relationship with the country. By leveraging its extensive knowledge
and experience from this project, ENEOS Xplora is committed to maximizing the potential and
value of Block 15-2.

Notes:

(1) PVEP: PetroVietnam Exploration Production Corporation (a wholly owned subsidiary
of PetroVietnam).
(2) Operator: The entity responsible for planning, exploration, development, and
production operations in the block.
(3) HCG-EOR: A technology for Enhanced Oil Recovery (EOR) by hydrocarbon gas.
(4) CO₂-EOR：A technology for Enhanced Oil Recovery (EOR) by Carbon Dioxide (CO₂)

1. Overview of Block 15-2 (Offshore Vietnam)

1. Block Name: Block 15-2
2. Partners (Participanting Interest): JVPC (45%: Operator) / PVEP (55%)

2. Overview of JVPC

1. Representative: President Takeo Aoyama
2. Location: 1-1-2 Otemachi, Chiyoda-ku, Tokyo, ENEOS Building
3. Established: August 21, 1992
4. Business: Exploration, development, and extraction of petroleum, natural gas, and
   other mineral resources in Vietnam.
5. Capital: 10 billion yen
6. Shareholder Composition: ENEOS Xplora Inc. (100%)

Signing Ceremony in the presence of Bui Thanh Son Deputy Prime Minister (8th from the back left)
(Left) Mr. Nguyen Thien Bao, President and CEO, PVEP
(Middle) Mr. Le Manh Cuong, Vice President, PetroVietnam
(Right) Mr. Takeo Aoyama, President and CEO, JVPC

Opening Speech by Mr. Nakahara, Chairman, ENEOS Xplora

Production Platform at Block 15-2