Oil Discovery in UK North Sea block 21/6b

Summit Petroleum Limited (Kevin Smith, Chief Executive Officer, hereinafter SPL), a subsidiary of Sumitomo Corporation (Kuniharu Nakamura, President and Chief Executive Officer), has drilled an exploration well on its Avalon prospect located in UK North Sea block 21/6b and confirmed an oil discovery in good quality Tertiary sands. SPL and its partner in the block, EnQuest Heather Limited are now evaluating the well results toward a potential development.

SPL acquired its interest through the 27th Licensing Round in 2012.