ENAP, Repsol to explore off Argentina

Chile's state energy company Empresa Nacional de Petroleo (ENAP) and Repsol-YPF SA have won the right to explore the CAM-1 block, offshore Argentina at the mouth of the Strait of Magellan.

CAM-1 is in the Atlantic Ocean off southern Argentina and adjacent to other concessions where Enap's Sipetrol Argentina is exploring and extracting hydrocarbons, including Magallanes, CAM-2A, and CAM-3.

In the next weeks, Sipetrol Argentina Inc. will carry out geological studies in the zone.

Sipetrol Argentina and Repsol-YPF have formed a 50/50 joint venture to explore hydrocarbons in this area and to commercially exploit it if that the explorations are successful. Sipetrol Argentina will serve as operator in the exploratory process.

09/10/03