Offshore staff

TOYKO -- Japex Philippines Ltd. will relinquish SC 46 block in Tañon Strait, offshore the islands of Negros and Cebu in the Philippines at the expiration of its exploration period on June 20, 2008.

Japex is surrendering the block due to the lack of commercial oil and gas discovery despite exploration work including drilling of one exploration well.

The SC 46 block is 2,580 sq km (996 sq mi) and participating interest include operator Japex with 65% and Kufpec Philippines (SC-46) Ltd. with 35%.

05/15/2008