OilVoice - Repsol Announces Farm-in Opportunity For Two Ready to Drill Prospects, Offshore Spain

Repsol Announces Farm-in Opportunity For Two Ready to Drill Prospects, Offshore Spain

Monday, August 02, 2010

Repsol Exploration is seeking partner(s) to farm-in to two ready to drill prospects defined by 3D seismic offshore Spain.

An online data room containing prospect presentations, regional geology and interactive 2D and 3D seismic data.

Fulmar Project Overview:
Fulmar is an exploration permit operated by Repsol who owns 69.23% with SHESA, the only partner, with 30.77 %. Total area for the block is 31095 Ha. (150 to 500m water depth)
• Permit was awarded in January 2009 for a six years exploration period. Years 1 to 3 include a provision to drill a well. Years 4 to 6 require not less than minimum obligations.
• Minimum commitments for the first two years have been fulfilled by geological and geophysical interpretation of 311 sq km full fold 3D volume PSDM reprocessed (2009). Commitment well for the second and third year period is pending (minimum investment: 15,6 MM €).
• Fulmar-1 well is planned to be drilled by the end 2011 or early 2012 at a water depth of 175 m and expected Total Depth of 4025 m. Pelicano-1 is planned to be drilled after Fulmar (back to back).
• Excellent fiscal regime.

Siroco Project Overview:
Siroco A, B, C & D are exploration permits operated by Repsol who owns 60% with GAS NATURAL, the only partner, with 40 %. Total area of the 4 blocks is 222.544 Ha.
• The permits were awarded in February 2004 for a six year exploration period. An extension was approved until November 2010 due to the extended environmental permitting process, and an additional extension is expected to be granted by the Administration until well Siroco A-1 can be drilled (first half 2011).
• Minimum commitments of the first three years have been fulfilled with the acquisition of 309 km2 full fold 3D volume (2005), and reprocessing (2006) of 2.500 km 2D.
• Commitment well corresponding to the last three year period is pending (minimum investment: 5,5 MM €).
• Siroco A-1 will be drilled during the first half 2011 at 168 m water depth. Expected TD of 1.600 m.
• Excellent fiscal regime.

For further details, visit the EzDataRoom