Repsol YPF announces the discovery of three new fields located in the West Madura Block, offshore to the east of Java, Indonesia. Three exploration wells, KE23-1, KE13-1 and KE24-1, have been drilled in separate structures in the Kujung limestone.

A total of approximately 6,300 barrels of oil and condensate per day, and 30.1 million cubic feet per day of natural gas were obtained in production tests. Preliminary estimates of recoverable reserves for the three fields are 13 million barrels of oil and condensate and over 153 billion cubic feet of natural gas.

The KE-23 oilfield, which tested positive, will be developed using existing production facilities in the area, with the first production planned by the end of the third quarter 2001.

Repsol YPF, through its affiliate YPF Madura Barat B.V., holds a 25% working interest in the West Madura Block, in partnership with Pertamina, the Indonesian State Oil Company, and the operator Kodeco Energy Co. Ltd., with 50% and 25% stakes, respectively.

Repsol YPF in Indonesia is also the operator of the South East Sumatra Block and has a significant working interest in the North West Java, Jambi Merang, Blora and South Sokang Blocks. During the year 2000the company achieved a working interest production of 46.5 million barrels of oil equivalent (23.3 million net to Repsol after contract), confirming its position as the largest offshore oil producer in Indonesia.