CEPSA has acquired a 30% stake in a hydrocarbon exploration block off the Liberian coast in West Africa. Block LB-10 is operated by Anadarko Liberia Block 10 Company, a wholly-owned subsidiary of Anadarko Petroleum Corporation headquartered in The Woodlands, Texas, United States .

The Farmout Agreement provides, in part, that CEPSA will participate in the drilling of two exploratory wells before August 2016. The block is in a deepwater area, with depths of approximately between 1,000 and 2,000 meters. Anadarko has extensive experience as an operator in this basin. Other companies with participation in the block are the London based company Liberia Japan Petroleum and Spanish integrated Repsol.

This acquisition has enabled us to add to our offshore portfolio, which already includes two exploratory blocks in Brazil and one in Suriname and exploration and production blocks in Thailand and Malaysia.

The operation is part of CEPSA's expansion strategy in Exploration and Production. It will also be an opportunity to increase our technical capacities in the high potential offshore area in West Africa.

About CEPSA

CEPSA, 100% owned by IPIC, is an energy group with a workforce of close to 10,000 employees, engaged in activities that span the hydrocarbon value chain: exploration and production of oil and gas; refining, transportation and marketing of petroleum products and natural gas; biofuels; and electricity cogeneration and sales. CEPSA has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of high value-added components chiefly used in making new-generation plastics and biodegradable detergents. Not only is CEPSA a major energy player in Spain, but it is also broadening its global portfolio of operations in countries such as Algeria, Brazil, Canada, Colombia, Kenya, Malaysia, Panama, Peru, Portugal, Thailand and Suriname, selling its products around the world.