EMP: Complete of the transfer of 10% interest in the Masela Block, the Arafura Sea

(Jakarta, 24 November 2010)--PT ENERGI MEGA PERSADA TBK, (EMP) and INPEX CORPORATION (INPEX) announced today that PT EMP Energi indonesia (EMPI) a subsidiary of EMP and INPEX Masela, Ltd. (INPEX Mesela) an affiliate company of INPEX have completed the transfer of a 10% participating interest in the Masela Block in the Arafura Sea. Indonesia, where INPEX Masela is the operator of the Block A joint operating agreement between INPEX Masela end EMPI for the Masela Block has now become effective.

As a result of the transfer, EMPI holds a 10% of the participating interest in the Block, while INPEX Macela retains a 90% interest. The project will proceed to the FEED (Front End Engineering and Design) in due course.

INPEX and EMPI continue to seek support from the Indonesian Government and other stakeholders for an early commercial production of the Abadi project. (end of edited release)