Repsol YPF has completed the evaluation of its well TAG-14 in the T�cata field in the Quiamare-La Ceiba block in the state of Anzo�tegui in Venezuela. The well drilled to a depth of 16,000 feet, tested a total of 21,000 bopd from four different intervals.

T�cata field will be further appraised and developed with four additional wells in 2001-2002.

During the Second Round of the Apertura Venezoelana, Quiamare-La Ceiba contract was awarded by PDVSA to a consortium, which is presently formed by Repsol YPF (Operator, with a 50%), Exxon Mobil (25%) and Tecpetrol (25%). Quiamare-La Ceiba production, currently at 14,000 bopd, is expected to double by 2004.

Repsol YPF is currently working in five blocks in Venezuela, being Operator in four of them (Quiamare-La Ceiba, Quiriquire, Mene Grande and Guarapiche), with a total net production of 31,000 boepd. The company is expecting to gradually boost its production to 70,000 boepd with the implementation of the recently signed gas contract in Quiriquire and the development of the Quiamare La-Ceiba and Mene Grande fields.