Fact Sheet: Repsol’s Kanuku Project In Guyana

Instant Max AI

(Repsol, 30.Dec.2017) — Kanuku is a block covering 5,164 km2 in the Atlantic ocean within the EEZ of the Cooperative Republic of Guyana. We hold a 70% stake, while the British company Tullow holds 30%. In 2019, we plan to drill the first exploration well to determine if hydrocarbons are present. Internal and external impact studies will begin in 2018.

Repsol’s current activity in Guyana is focused on the Kanuku block 150 kilometers offshore Guyana. Repsol operates the block with a 70% working interest. We are targeting an oil prospect in the Kanuku block, where we plan to drill the first exploration well in 2019 to determine if hydrocarbons are present. The internal and external impact studies will begin in 2018.

The Kanuku block is located in an area near existing oil and gas discoveries. However, there is a high level of uncertainty at this stage of the project. Repsol is continuing to invest in exploration activities to move toward de-risking the block.

Highlights

— Repsol has invested approximately $60 million USD to date in the Kanuku block exploration program.

— Repsol has acquired 862 square kilometers of 2D and 5,949 square kilometers of 3D seismic on the block to support the exploration program.

— Repsol signed a contract with the government of Guyana for the Kanuku block in 2013 and is in the first renewal phase of the contract with a commitment to drill one exploration well.

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