apan Vietnam Petroleum Company Ltd.(“JVPC”), a subsidiary of JX Nippon Oil & Gas Exploration Corporation. ("JX Group") is one of the largest foreign investors in the oil and gas exploration and production activities in Vietnam with total investment to date of over US$720 million. JVPC has been acting as the operator in the Block 15-2 offshore Vietnam since August 21st, 1992 and is innovatively managing and operating the Rang Dong field. A new field namely Phuong Dong is currently under development with plans to commence production from September 2008.

JVPC is staffed with approximately 170 employees of different nationalities performing their professionalism in all aspects of operations including Exploration, Drilling, Production, Field Development, Logistics and supporting functions. All of these personnel are highly motivated, have excellent sense of responsibility and show their solid commitments to the company’s goal and challenges of the industry.

At JVPC we are not only committed to focus on where we can utilize the expertise and skills of people and best use of capital and technologies and but also what we can do best for the people. JVPC was listed in the Top 50 Best Employers in Vietnam in 2006 for formulating an attractive staff policy for staff benefits and developing appropriate human resources to meet with the growing demand of the oil and gas industry.

During the past years JVPC has, on behalf of partners in the Block 15-2, successfully operated the field in the safest and most effective manner that significantly benefits all parties. JVPC conducts its business with the highest awareness of safety and environment protection. For many years of operations JVPC has maintained an excellent record of safety and no environmental violations.

Certificate of ISO 14001, which was granted to JVPC in March 2007 is proof of JVPC’s highest priority in paying utmost attention to environment protection in E&P activities.

JVPC is also reaping the rewards of relentless efforts and hard work in that JVPC has been awarded the 3 rd Labour Medal by the President of S.R. of Vietnam; Certificate of Commendation by the Vietnamese Government and several Certificates of Commendation pinned by different organizations for saving lives of fishermen, good compliance with tax obligations and environment protection.

While endeavouring excellent performance with Rang Dong field, JVPC has set sights on new exploration and production business opportunities elsewhere in Vietnam and is looking forward to many more years of growth and operatorship in this country.