Farm out prospect in UK central North Sea

 Summit Petroleum Limited (CEO: Kevin Smith hereinafter "SPL"), a wholly owned subsidiary of Sumitomo Corporation (President and CEO: Susumu Kato; Head Office: Chuo-ku, Tokyo; hereinafter, "Sumitomo"), is pleased to announce that SPL has successfully farmed out 50% of its interest in Block 29/1c, Licence P1556 to Valiant Exploration Limited (30%), Atlantic Petroleum Limited (10%) and Trap Oil Group Plc. (10%). 
This licence block which contains the Orchid prospect is located in UK Central North Sea, Summit and Reach jointly acquired their interests in the block through the 25th licensing round in 2008. Summit, as operator, plans to drill the prospect in the latter half of this year.

The farmouts are subject to the approval of the Department of Energy & Climate Change and co-venturer consent.

The technical skills and experience of the partners will be a valuable addition to the successful drilling of the Orchid well.

<<Reference>>

【Partner detail】

Valiant Exploration

• Head office      ： London, UK
• Market listed   ：Parent Company Valiant Petroleum has been listed in Alternative Investment Market(AIM) which
  is for emerging company since 2008. 
• Core area        ： UK north sea

Atlantic Petroleum

• Head office     ： Faroe island, Province of Denmark
• Market listed   ：Parent company Atlantic Petroleum P/F has been listed in NSDAQ OMX since2005.
• Core area ： UK north sea

Trap Oil

• Head office     ： London, UK
• Market listed  ：Parent company Trap Oil Group has been listed in AIM since 2003 October.
• Core area       ： UK north sea

Reach Exploration

• Head office      ： Aberdeen, UK
• Market listed   ： Non listed
• Core area        ： UK north sea