Japan Petroleum Exploration : Notice Regarding the Completion of liquidation of Subsidiary and Recording of Extraordinary Losses(77.0 KB)
March 22, 2022 at 01:10 am EDT
Share
Note: The following press release is an English translation of the Japanese-language original
March 22, 2022
Company Name:
Japan Petroleum Exploration Co., Ltd. (JAPEX)
Securities Code:
1662 (First Section of the Tokyo Stock Exchange)
Representative:
FUJITA Masahiro, Representative Director and President
Inquiries:
Corporate Communication Office
TEL:
+81-3-6268-7110
Notice Regarding the Completion of liquidation of Subsidiary
and Recording of Extraordinary Losses
Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that the proceesures of the liquidation of its overseas consolidated subsidiary JAPEX Montney Ltd. ("JML"), as disclosed in its December 17, 2021 dated disclosure document titled " Notice Regarding Dissolution of a Subsidiary, Waiver of Claims, and Posting of Extraordinary Income (gain on forgiveness of debts)", has completed as of March 11, 2022. In conjunction with the completion of the liquidation of JML, an extraordinary loss is expected to be recorded in the consolidated financial statements for the fourth quarter of the fiscal year ending March 31, 2022.
Completion of Liquidation date March 11, 2022
Outline of liquidation subsidiary
(1)
Name
JAPEX Montney Ltd. (JML)
(2)
Location
4500 Bankers Hall East, 855 2nd Street SW, Calgary AB, T2P 4K7
(3)
Title and Name of
ITO Hajime, President
Representative
(4)
Description of
Exploration, development and production of shale gas in Canada
Business
(5)
Share Capital
C$918,583 thousand
(6)
Date of Incorporation
March 7, 2013
(7)
Major Shareholder
Japan Petroleum Exploration Co., Ltd. (JAPEX)
55%
and Shareholding
Japan Oil, Gas and Metals National Corporation (JOGMEC)
45%
Ratio
3. Extraordinary losses recognition
As JML will be excluded from the consolidation following the completion of liquidation, we expect to record an extraordinary loss of approximately 39 billion yen from the reversal of foreign currency translation
1 / 2
adjustments related to JML, which is included in the net assets section of the consolidated balance sheet, in the consolidated financial results for the fourth quarter of the fiscal year ending March 31, 2022.
The consolidated financial forecast for the fiscal year ending March 31, 2022, including this matter, will be disclosed appropriately as soon as it is confirmed after careful examination.
< Previous Announcement Link>
・"Notice Regarding Dissolution of a Subsidiary, Waiver of Claims, and Posting of Extraordinary Income (gain on forgiveness of debts)" on December 17, 2021
###
2 / 2
Attachments
Original Link
Original Document
Permalink
Disclaimer
JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 05:09:03 UTC.
Japan Petroleum Exploration Co., Ltd. is a company principally involved in crude oil and natural gas related business. The Company operates in four geological segments. The Japan segment involves in the exploration, development, production, purchase, sale, transportation of crude oil and natural gas, the production, purchase, sale, transportation of petroleum products, as well as contracting work of mining wells. The North America segment involves in exploration, development, production, purchase and sale of crude oil, natural gas, as well as bitumen which is super heavy oil collected from the oil sand layer in North America. The Europe segment involves in the exploration of crude oil and natural gas in Europe. The Middle East segment involves in the exploration, development and production of crude oil and natural gas in Middle East.
JAPAN PETROLEUM EXPLORATION CO., LTD. 
