09/29/97
NEW FIND BY REPSOL IN THE MEDITERRANEAN
 

Repsol�s "Boquer�n-1" exploration well, 3 Km. north of the Casablanca off-shore rig, opposite the Tarragona coastline, has proved successful. This well was drilled at a slant from the rig itself, at up to a sixty degree angle, to a final depth of 4,653 metres, and may be considered a technological feat.

Repsol operates the find through its affiliate, Repsol Investigaciones Petrol�feras (RIPSA), with a 45.5% stake. The other companies making up the consortium are CNWL Oil Espa�a, S.A., affiliate of Sherritt International Corporation, Orange Nassau, LOCS and Ciepsa.

This new find is a separate accumulation, and will go into production immediately. The crude will be processed at the Casablanca rig and taken to shore by the 50 km. long, 12 inch diameter, underwater pipeline joining the rig to Repsol�s Tarragona refinery.

Flow reached a proved rate of approximately 10,000 barrels per day of 38� API crude. This is Repsol�s second consecutive find off the Mediterranean coast in the past two years. Its previous discovery there was the Rodaballo field, in 1995, which entered production in mid 1996. Exploitation of the oil now discovered will prolong the useful life of the Casablanca field, extending its activity and increasing recoverable reserves.