Repsol will contribute Russian assets to the Joint Venture with Alliance Oil Company

Alliance Oil Company Ltd 

29.12.2011 15:15

Dissemination of a Adhoc News, transmitted by DGAP - a company of
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The issuer is solely responsible for the content of this announcement.

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REPSOL TO ACQUIRE EUROTEK, A RUSSIAN EXPLORATION AND PRODUCTION COMPANY

  -- Repsol purchases Eurotek, an exploration and production company with assets
     in the Russian Federation for a cash consideration of, US$230 million,
     approximately.



  -- Among the acquired assets there are two gas fields: Syskonsyninskoye (SK),
     which is at an advanced development stage and will start production in 2012
     and Yuzhno-Khadyryakhinskoye (YK) which is under the final stage of
     appraisal.



  -- In 2012, subject to the receipt of necessary governmental approvals, Repsol
     will contribute these assets at cost to AROG, the recently created joint
     venture in partnership with Alliance Oil Company, as part of Repsol's
     commitment in cash and kind.



  -- AROG will carry out oil and gas exploration and production operations in
     the Russian Federation, the biggest hydrocarbons producer in the world.



Repsol has signed the deal on the acquisition of 100% of the Russian company
Open Joint Stock Company Eurotek (Eurotek), which holds exploration and
production licences in West Siberia. The transaction has been preapproved by
the Federal Antimonopoly Service of the Russian Federation. 

Repsol will pay a total consideration of, approximately, US$230 million for the
purchase of Eurotek, on a debt-free cash-free basis. Among the acquired assets,
there are two licences, encompassing the Syskonsyninskoye gas Field (SK), which
is at an advanced development stage, starting production in 2012 and
Yuzhno-Khadyryakhinskoye gas field (YK) which is under the final stage of
appraisal and planned to come on-stream by 2016. 

In 2012 Repsol will contribute these assets at cost to the recently created
AROG (Alliance Repsol Oil and Gas) Joint Venture Company, as part of Repsol's
commitment in cash and kind. AROG is owned 51% and 49% by Alliance Oil Company
and Repsol respectively, with a total asset base worth approximately US$840
million. 

Repsol will incorporate, through the SK and YK assets, a total of proven and
probable reserves 115 MBOE 2P to AROG. These adds to the 171,5 MBO 2P
incorporated by Alliance Oil Company through the Saneco and Tatnefteotdacha oil
fields. 

Repsol already owns a 3.5% stake in Alliance as a result of the merger between
Alliance and West Siberian Resources, in which Repsol initially held 10%, in
2008. 

Repsol has been advised by Barclays Capital and DLA Piper for this transaction.

Alliance Oil Company Ltd

Arsen Idrisov, Managing Director, Tel.: +7 495 777 18 08

Eric Forss, Chairman, Tel.: +46 8 611 49 90


Repsol

Press office Tel +34 91 753 8787 or prensa@repsol.com



This document does not constitute an offer or invitation to purchase or
subscribe shares, in accordance with the provisions of the Spanish Securities
Market Law (Law 24/1988, of July 28, as amended and restated) and its
implementing regulations. In addition, this document does not constitute an
offer of purchase, sale or exchange, nor a request for an offer of purchase,
sale or exchange of securities in any other jurisdiction. In particular, This
document does not constitute an offer to purchase, subscribe, sale or exchange
of Repsol YPF's or YPF Sociedad Anonima's respective ordinary shares or ADSs in
the United States or otherwise. Repsol YPF's and YPF Sociedad Anonima's
respective ordinary shares and ADSs may not be sold in the United States absent
registration or an exemption from registration under the US Securities Act of
1933, as amended. 

This document contains statements that Repsol YPF believes constitute
forward-looking statements which may include statements regarding the intent,
belief, or current expectations of Repsol YPF and its management, including
statements with respect to trends affecting Repsol YPF's financial condition,
financial ratios, results of operations, business, strategy, geographic
concentration, production volume and reserves, capital expenditures, costs
savings, investments and dividend payout policies. 

These forward-looking statements may also include assumptions regarding future
economic and other conditions, such as future crude oil and other prices,
refining and marketing margins and exchange rates and are generally identified
by the words 'expects', 'anticipates', 'forecasts', 'believes', estimates',
'notices' and similar expressions. These statements are not guarantees of
future performance, prices, margins, exchange rates or other events and are
subject to material risks, uncertainties, changes and other factors which may
be beyond Repsol YPF's control or may be difficult to predict. Within those
risks are those factors described in the filings made by Repsol YPF and its
affiliates with the Comisión Nacional del Mercado de Valores in Spain, the
Comisión Nacional de Valores in Argentina, the Securities and Exchange
Commission in the United States and with any other supervisory authority of
those markets where the securities issued by Repsol YPF and/or its affiliates
are listed. 

Repsol YPF does not undertake to publicly update or revise these
forward-looking statements even if experience or future changes make it clear
that the projected performance, conditions or events expressed or implied
therein will not be realized. 

The information contained in the document has not been verified or revised by
the Auditors of Repsol YPF.
News Source: NASDAQ OMX



29.12.2011 DGAP's Distribution Services include Regulatory Announcements,
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Language:     English
Company:      Alliance Oil Company Ltd
              
               
              Sweden
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         SE0000739286
WKN:          
 
End of Announcement                             DGAP News-Service
 
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