Announcement of discovery - C1-NC210 exploration well, Libya

Press Release 02/01/2007 18:12

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Repsol YPF, in conjunction with Woodside Petroleum Ltd. reports that the C1-NC210 exploration well, being drilled by Woodside Energy (N.A.) Ltd., a whole owned subsidiary of Woodside Petroleum Ltd., in NC210 in Libya’s Murzuq Basin, has reached a total depth of 808 metres.

The well is located approximately 1000km south of Tripoli, and 150 km south of the producing Al Wafa Gas Field.

Wireline log data indicates the potential for several separate hydrocarbon-bearing zones.

An initial production test of the Awaynat Wanin Formation confirmed the presence of a gas column and flowed 5.7 million standard cubic feet of gas per day (MMscfd) through a 72/64 inch choke. The Absolute Open Flow is calculated to be 10.7 MMscfd.

Production test of the Mrar M7 reservoir confirmed the presence of a gas column and flowed 5.8 million standard cubic feet of gas per day (MMscfd) through a 72/64 inch choke. The Absolute Open Flow is calculated to be 13.0 MMscfd.

Repsol YPF, as a joint venture partner with Woodside Energy (N.A.) Ltd., the operator, is drilling the well under an Exploration and Production Sharing Agreement with the National Oil Corporation Libya.

Participation Interests in the Exploration and Production Sharing Agreement and the associated joint venture are:

Woodside Energy (N.A.) Ltd 45% (operator)

Repsol Exploración Murzuq, S.A. 35%

Hellenic Petroleum S.A. 20%

Repsol YPF’s projects in Libya form a vital part of its global development strategy.