Repsol files information on joint venture with Alliance Oil, Alliance Oil Company

Release Date: 2011-06-20

On June 18, 2011 Alliance Oil Company Ltd (“Alliance”) and Repsol Exploración,
S.A. (“Repsol”) announced the signing of a non-binding Memorandum of
Understanding (“MoU”) to form an exploration and production joint venture in
the Russian Federation. In a regulatory filing with The Comisión Nacional del
Mercado de Valores (CNMV), the agency in charge of supervising and inspecting
the Spanish Stock Markets and the activities of all the participants in those
markets, Repsol has provided the following information:

“Repsol and Alliance Oil have agreed a Memorandum of Understanding for the
creation of a joint venture to carry out upstream activity in Russia. Repsol
will have a 49% stake and Alliance 51%. The joint venture will have an initial
value of approximately $800 million. Alliance will contribute assets worth $600
million. Repsol will invest $200 million in a capital increase and will acquire
shares for a further $200 million, taking total investment to $400 million. The
transaction is subject to final negotiations on contractual terms, due
diligence on the assets to be contributed by Alliance Oil and on securing the
corresponding regulatory and corporate approvals. It is hoped these can be
obtained before the end of 2011.”

Alliance Oil Company Ltd has noted the disclosure and further notes that the
transaction, the valuation of the joint venture and the respective
contributions of Alliance and Repsol remain subject to negotiation of final
contracts, due diligence and relevant approvals.

Type:	NORMAL
Company:	Alliance Oil Company
Country:	俄罗斯