Repsol "Excited About Potential" Of Sierra Leone Oil Find

Spanish oil firm Repsol YPF SA (REP) is "very excited about the potential" of an oil discovery off the coast of Sierra Leone announced Wednesday, a company spokesman said.

The exploring consortium led by Anadarko Petroleum Corp. (APC.LN) plans to drill more wells in the area in the coming months to determine the size of the reservoir, he said.

It was the third announcement of an oil or gas discovery by consortia including Repsol in only six days. Friday, the company announced a large gas find off Venezuela and this was followed Tuesday by an oil find in Brazil's promising pre-salt area. At 1255 GMT, Repsol shares rose 2.6%, or EUR0.48 to EUR18.70.

The time between an oil find and a reserve estimate usually is between one and two years, but as it's the first discovery for Repsol in the region, it's difficult to predict how long it will take until the companies make a reserve estimate, the spokesman added.

The consortium found oil in deep waters at the Venus-BQ exploration well in block SL 6/07, saying the find confirms the existence of an active petroleum system in the basin.

Anadarko operates the Venus well with a 40% interest, while Australia's Woodside Petroleum Ltd (WPL.AU) and Repsol each hold 25%, and Tullow Oil PLC (TLW.LN) 10%.

Company Web site: http://www.repsol.com

-By Bernd Radowitz, Dow Jones Newswires, [phone]; [e-mail]