GAS NATURAL and REPSOL YPF form part of an international consortium which also comprises ENI, GALP, EXEM and the national gas company Sonangol Gas Natural.

-The evaluation of reserves is the first task to be carried out in executing the project.

- This project is set within the objective established in the GAS NATURAL Strategic Plan 2008-2012 of reaching a 15% of equity gas in the long term.

GAS NATURAL and REPSOL YPF, together with Sonangol Gas Natural (SONAGAS), ENI, GALP y EXEM (the other four members of the international consortium) signed the shareholder's agreement which will enable to take the preliminary setps for the development of an integrated gas project in Angola.

The current project consists of evaluating the gas reserves so as to subsequently undertake the necessary investment to develop them and, if applicable, export them in the form of liquefied natural gas (LNG). The works will start during first quarter 2008.

GAS NATURAL and REPSOL YPF, within the framework of their industrial agreement, have a 20% holding in this consortium, while the Portuguese company GALP holds 10%, the Italian ENI 20%, EXEM 10% and Sonangol Gas Natural 40%.

For GAS NATURAL and REPSOL YPF, this agreement constitutes a further step in the execution of the Angola project, which commenced last June with the agreement of intentions with Sonangol Gas Natural.

This project is set within the objective established in the GAS NATURAL Strategic Plan 2008-2012 of reaching a 15% of equity gas in the long term.

Angola is one of the countries with the greatest potential in prospection and production of hydrocarbon reserves.