New Oil Discovery in Area 103

NOC announced that the Repsol, in conjunction with OMV and Total being the Second Party in an Exploration and Production Sharing Agreement with the NOC of Libya, reports that it has drilled A1-130/04 New Field Wildcat well in Murzuq Basin. The well is located approximately 35 km east of the production facilities of El Sharara Oil Fields and approximately 1,000 km South of Tripoli City.

The initial production testing established an oil flow as follows:

The well A1-130/04, drilled in Murzuq Basin area 103 block # 04, encountered hydrocarbons in Hawaz Formation between the interval 5363 and 5373, it is tested with a flow rate 340 bbls/d of oil at 16/64 choke, the API is 39.

This well represents the first discovery in area 130 block 04 under an EPSA IV agreement, which was awarded by NOC in July 2008.

Repsol Exploration Murzuq drilled the well as an operator under an EPSA IV agreement with NOC of the Great Socialist Libyan Arab Jamahiriya with interests distributed as follows:

First Party Interest (NOC Libya) 88%
Second Party Interest 12%