Repsol-YPF to acquire stake in Alaskan blocks

Mar 07, 2011 12:00 AM

Repsol-YPF entered into an agreement to acquire stake in blocks located in North Slope of Alaska, from 70 & 148, a unit of Armstrong Oil & Gas, and GMT Exploration, for a consideration of $ 768 mm.
Following the completion of the transaction, Repsol will hold 70 % stake in the blocks.

The blocks cover an area of 2,000 sq km and are located close to large producing fields. The acquisition will help Repsol to increase its presence in OECD countries.
Tudor Pickering and Holt is acting as advisor to 70 & 148 and GMT Exploration with respect to the transaction.

Antonio Brufau, chairman of Repsol, said: “This deal is a perfect fit in our efforts to balance our exploration portfolio with lower risk, onshore oil opportunities in a stable environment.”
“We are confident that our worldwide experience combined with a partner with an extensive local knowledge is going to deliver value in the near future."

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