Repsol to Spud Exploration Well in BM-S-48 Offshore Brazil

This weekend Repsol will begin operations at its Panoramix prospect offshore Brazil in block BM-S-48. The block is located approximately 120 kilometers off the coast of Sao Paulo.

Repsol will be using the Sovereign Explorer semisub to drill the well. The well will be drilled to a depth of approximately 5,000 meters. After this well, the company will expects to drill two additional wells in this area by April 2009.

Repsol holds a 40% stake in the BM-S-48 block and is the operator.

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