As of November 2023
This Legal Notice governs your access and use of the website located at http://www.repsolresourcesuk.com (“Site”), and all services made available to you on, through or in association with the Site (“Services”). The Site and Services are owned and operated by or on behalf of Repsol Resources UK, Company No 00825828, Registered Office, Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL ("Repsol Resources UK Limited"). The Site, Services and Content (defined below) may be changed or updated from time to time without notice. By accessing or using the Site or Services, you agree to the following terms and conditions and agree to release Repsol Resources UK Limited and its affiliates from all claims, expenses, damages, costs or any loss of any kind arising out of using the Site, Services or Content. Repsol Resources UK Limited may revise this Legal Notice at any time by updating this posting. By accessing or using the Site or Services after such revisions are posted, you agree to the revised Legal Notice. You should visit this posting periodically to review this Legal Notice and any revisions.
REFERENCES TO REPSOL RESOURCES UK LIMITED
For convenience, the terms "Repsol Resources UK Limited," "Company," "us," "we" and similar references are used on or with Site or Services to refer collectively to Repsol Resources UK Limited, its direct and indirect subsidiaries and partnership interests held by Repsol Resources UK Limited Limited and its subsidiaries, unless the context indicates otherwise.
SITE IS PROVIDED AS A SERVICE ONLY
The Site, Services and Content are for informational purposes only and are not intended as a solicitation or offering of securities in any jurisdiction. Content available on or through the Site or Services is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Repsol Resources UK Limited and should not be used for the purpose of making investment decisions. Information contained on the Site or made available through the Services does not constitute a solicitation or an offering of securities in any jurisdiction.
INTELLECTUAL PROPERTY IN THE SITE
Repsol Resources UK Limited is the owner or the licensee of all intellectual property rights in the Site and all content displayed on or accessible through the Site or Services, including, without limitation, information, news, editorials, documents, presentations, reports, text, charts, photographs, images, graphics, user interfaces, applications, computer software and code (collectively, the “Content”) and nothing in this Legal Notice shall grant you any rights, title or interest in and to such intellectual property rights. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.
You may access and download Content made available on the Site and Services solely for your personal research and private study. You may not access, download or use Content for any other purpose, including, without limitation, re-publication, unauthorised downloading, retransmission, copying, modification, or other exploitation of the Site, Services or Content. Failure to comply with these terms and conditions may violate intellectual property rights and other laws and may result in legal action. In addition, you may not hyperlink to or frame the Site or Services without the prior written consent of Repsol Resources UK Limited.
All intellectual property rights and goodwill in or relating to Repsol Resources UK Limited including the name, logo and any associated rights, belong to Repsol Resources UK Limited. All intellectual property rights and goodwill in or relating to the trade-marks, service marks, logos, icons, designs, names and trade names displayed on or in association with the Site and Services are owned by Repsol Resources UK Limited and, where specifically noted, third parties, and may not be used for any purpose whatsoever without written permission from either Repsol Resources UK Limited or the relevant third party. To add clarity, no license to use any Repsol Resources UK Limited or third party trade-marks or other names is granted to you.
You must use the Site in a responsible way only for lawful purposes. In particular, but not limited to the following, you may not use the Site:
in breach of any applicable local, national or international law or regulation, whether criminal or otherwise; or in a manner which would involve Repsol Resources UK Limited or any other person in any breach of the local, national or international law or regulation;
in breach of any obligations or duties of confidentiality, or in breach of any obligations on you under the Data Protection Act 1998;
to upload, post, email or otherwise transmit any content that is directed to inciting or producing imminent conduct that is unlawful, harmful, threatening, abusive, harassing, defamatory, vulgar, obscene, libellous, insulting, false, misleading, unreliable, invasive of another's privacy, hateful, or racially, ethnically or otherwise objectionable and is likely to produce such conduct;
to impersonate any person or entity or otherwise misrepresent your affiliation with a person or entity;
to forge headers or otherwise manipulate identifiers in order to disguise the origin of any content transmitted through the system;
to upload, post, email or otherwise transmit any unsolicited or unauthorised advertising, promotional materials, "junk mail," "spam," "chain letters," or "pyramid schemes";
to interfere with or disrupt the Site's system or servers or networks connected to the Site's system, or disobey any requirements, procedures, policies or regulations of networks connected to the Site's system;
you must not frame or link to the Site or any part of it, or frame third party websites, without Repsol Resources UK Limited's express permission; or
to promote or provide instructional information about illegal activities, promote physical harm or injury against any group or individual, or promote any act of cruelty to animals.
VIRUSES, HACKING AND OTHER OFFENCES
You must not misuse the Site by knowingly introducing viruses, trojans, corrupted files, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to, interfere with, damage or disrupt the Site, the server, equipment or network on which the Site is stored, any software used in the provision of the Site or any server, computer or database connected to the Site. You must not attack the Site via a denial-of service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. Repsol Resources UK Limited will report any such breach to the relevant law enforcement authorities and Repsol Resources UK Limited will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use the Site will cease immediately.
REPSOL RESOURCES UK LIMITED NOT RESPONSIBLE FOR LINKED WEBSITES
Repsol Resources UK Limited provides links to third party websites for your convenience only. Repsol Resources UK Limited does not control the linked websites and does not monitor or investigate them, or verify or endorse the accuracy, reliability, integrity, quality, completeness, availability, suitability or security of any data, information or other content on or made available through these websites. Repsol Resources UK Limited accepts no responsibility for such linked websites or the content thereof. Any use of these websites and their content is at your sole risk.
REPSOL RESOURCES UK LIMITED NOT RESPONSIBLE FOR INTERNET SOFTWARE OR COMPUTER VIRUSES
Due to technical difficulties inherent in the Internet, Internet software or transmission problems could produce inaccurate or incomplete copies of material contained on this Site when displayed or downloaded onto your computer. Computer viruses or other destructive programs may also be inadvertently downloaded from the Site. Repsol Resources UK Limited recommends that you install appropriate anti-virus or other protective software.
What are cookies?
A cookie is a piece of information that is stored on your computer's hard drive through your browser, to recognise your browser and which records how you have used a website. This means that when you go back to that website, it can give you tailored options based on the information it has stored about your last visit. You can normally alter the settings of your browser to prevent it from accepting cookies.
We may use 'cookies' to improve the way the Site works and to monitor how people use the Site. This helps us to understand how people use the Site so we can develop and improve the design, layout and function of the sites.
The cookies we use:
Google. Google uses the __utma cookie. This is a persistent cookie that expires in two years. With each new visit, the expiration date is refreshed. By using this Site, you consent to the processing of data about you by Google in the manner and for the purposes set out above.
How to reject cookies
Most web browsers will accept cookies, but if you would rather that Repsol Resources UK Limited did not collect data in this way you can choose to accept all or some or reject cookies in your browser's privacy settings. Rejecting all cookies means that you may not be able to take full advantage of all the Site's features. The "Help" menu in the bar of most browsers will tell you how to prevent your browser from accepting new cookies, how to have the browser notify you when you receive a new cookie and how to disable cookies altogether.
Additionally, you can disable or delete similar data used by browser add-ons, such as Flash cookies, by changing the add-ons settings or visiting the website of its manufacturer.
For more information generally on cookies, including how to disable them, please refer to aboutcookies.org. You will also find details on how to delete
cookies from your computer.
DISCLAIMER AND LIMITATION OF LIABILITY
The Site, Services and Content are provided on an "as is" and "as available" basis. Repsol Resources UK Limited disclaims all representations, warranties and conditions of any kind, either express or implied, including, without limitation, any implied warranties or conditions of satisfactory quality, fitness for a particular purpose, latent defects, and non-infringement. No representations or warranties are made concerning the availability, accuracy, completeness, timeliness, suitability, security or reliability of the Site, Services or Content. Repsol Resources UK Limited does not represent or warrant that access to the Site and Services will be uninterrupted, that the Site and Services will operate error-free, that errors in the Site and Services will be corrected, that you will receive alerts if you sign up for Email Alerts, Career Alerts or other alerts, or that the Site, Services and Content are free of computer viruses or other harmful components.
Access and use of the Site, Services and Content is done at your own risk. Except as otherwise provided by law, in no event shall Repsol Resources UK Limited, its affiliates, and their respective directors, officers, employees, contractors or agents, be liable to you or any third party for any direct, indirect, incidental, special or consequential damages whatsoever, including, without limitation, damages for lost revenue, lost or damaged data, costs or other commercial or economic loss, whether based in contract (including fundamental breach), delict (including negligence) or any other theory of liability, arising out of your (1) access to, use of, reliance on, inability to use or misuse of the Site, Services or Content, (2) any use or inability to use any materials, software, content, goods or services located at or
made available at any website linked to or from the Site or Services, or any consequences flowing therefrom, (3) sign up for Email Alerts, Career Alerts or other alerts, including without limitation, the non-receipt of alerts. The foregoing limitation shall apply even if Repsol Resources UK Limited has been advised or should have known of the possibility of such damage.
Except as otherwise provided by law, Repsol Resources UK Limited expressly disclaims any and all liability for the acts, omissions or conduct of any third-party user of the Site or Services. Under no circumstances shall Repsol Resources UK Limited and its officers, directors, employees and agents be liable for any injury, loss, damage (including direct, special, indirect, incidental or consequential damages) or expense arising in any manner whatsoever from the acts, omissions or conduct of any third-party user.
By communicating User Content to Repsol Resources UK Limited you warrant and represent that you own or otherwise control all rights in that User Content, and that you waive, or have obtained the waiver of, all moral rights in that User Content to the benefit of Repsol Resources UK Limited and its affiliates. Repsol Resources UK Limited accepts no responsibility for User Content that you communicate to Repsol Resources UK Limited.
DISCONTINUANCE AND TERMINATION
Repsol Resources UK Limited reserves the right at any time to modify or discontinue any portion of the Site or Services without prior notice. You agree that Repsol Resources UK Limited will not be liable to you or to any third party for any modification or discontinuance of the Site or Services. Repsol Resources UK Limited may at any time, without notice, in its sole discretion and without cause, terminate your right to access or use the Site and Services (or any portion thereof). Repsol Resources UK Limited may also terminate your right to access and use the Site and Services (or any portion thereof) if you breach this Legal Notice. You agree that any termination of your access and use of the Site and Services may be effected without prior notice, and you agree that Repsol Resources UK Limited may immediately deactivate or delete any of your accounts and all information and User Content in such accounts and bar any further access to such information and User Content. Further, you agree that Repsol Resources UK Limited will not be liable to you or any third party for any costs or damages of any kind for or resulting from any termination of your access and use of the Site or Services.
You agree to indemnify and hold harmless Repsol Resources UK Limited, its affiliates, and their respective, directors, officers, employees, contractors and agents, from and against any and all loss, liability (including, without limitation, settlements and judgments) and expense (including, without limitation, reasonable legal fees and expenses and court costs) arising out of any breach by you of this Legal Notice, and all any costs and expenses incurred in the enforcement of this provision.
GOVERNING LAW AND JURISDICTION
The Site, Services and Content are deemed to be provided in Scotland. You agree that all matters relating to your access or use of the Site, Services and Content shall be governed by the laws of Scotland applicable therein, without regard to the conflict of laws principles thereof. You agree and hereby submit to the exclusive jurisdiction of the Scottish Courts with respect to such matters. You agree that the provisions of the United Nations Convention on Contracts for the International Sale of Goods shall not apply.
FORWARD – LOOKING INFORMATION
The Site contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding:
business plans for drilling, exploration, development, redevelopment, piloting, appraisals, upgrades and estimated timing;
estimates of production, production growth, and operations;
estimates of financial performance;
business strategy, priorities and plans;
estimated timing and results of new projects, including the timing of new production and sanctioning; and start ups;
estimated amounts and timing and sources of capital expenditures and program;
estimates of future sales;
planned dispositions and/or acquisitions and associated timing and anticipated use of proceeds from dispositions;
expected impact of proposed royalty or tax changes;
the merits or anticipated outcome or timing of pending litigation;
estimated royalty rates and exchange rates;
estimates of operating costs;
expected number of rigs;
anticipated liquidity, capital resources and debt levels;
funding for maturities of debentures and notes;
expected movements in working capital;
expected impact of accounting pronouncements;
expected asset life;
anticipated schedule for completion of pipelines; and
other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance
Often, but not always, forward-looking information uses words or phrases such as:
"expects", "does not expect" or "is not expected", "anticipates" or "does not anticipate" "plans" or "planned", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes", "intends", "likely", "possible", "probable", "scheduled", "positioned", "goal", "objective" or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained on this Site. Assumptions relating to forward-looking statements generally include Repsol Resources UK Limited's expectations and projections in light of, and generally consistent with, its historical experience and its perception of historical trends, as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified above. Information regarding oil and gas reserves, business plans for drilling, exploration, development and appraisal assumes that the extraction of crude oil, natural gas and natural gas liquids remains economic.
Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Repsol Resources UK Limited and described in the forward-looking information contained on this Site. The material risk factors include, but are not limited to:
the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable facilities outages;
risks and uncertainties involving geology of oil and gas deposits;
uncertainty related to securing sufficient egress and markets to meet shale gas production;
the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk;
the uncertainty of estimates and projections relating to production, costs and expenses;
the impact of the economy on the ability of the counterparties to the company's commodity price derivative contracts to meet their obligations under the contracts;
potential delays or changes in plans with respect to exploration or development projects or capital expenditures;
fluctuations in oil and gas prices, foreign currency exchange rates and interest rates;
the outcome and effects of any future acquisitions and dispositions;
health, safety and environmental risks;
uncertainties as to the availability and cost of financing and changes in capital markets;
risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action);
changes in general economic and business conditions;
the possibility that government policies or laws may change or governmental approvals may be delayed or withheld, including with respect to share gas drilling; and
results of the company's risk mitigation strategies, including insurance and any hedging activities.
The foregoing list of risk factors is not exhaustive.
Forward-looking information is based on the estimates and opinions of Repsol Resources UK Limited's management at the time the information is posted unless otherwise indicated. Repsol Resources UK Limited assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law. The forward looking statements contained in this Site are expressly qualified by these cautionary statements.
OIL AND GAS INFORMATION
In this Site, Repsol Resources UK Limited discloses contingent resources and prospective resources. Where not otherwise indicated, the contingent and prospective resources included in this Site are best estimates.
Contingent resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The contingencies that prevent the resources from being classified as reserves are; lack of gas sales contract; additional testing; production and performance appraisal activities; demonstration of economic viability; facilities and egress; access to equipment and services; hydraulic fracturing technology; commodity prices and regulatory approvals. There is no certainty that it will be commercially viable to produce any portion of the resources.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Unrisked prospective resources are not risked for chance of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. "Risked prospective resource" means geologically risked.
Throughout this Site, barrels of oil equivalent (boes) are calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil (bbl). This Site also includes references to mcf equivalents (mcfes) which are calculated at a conversion rate of one barrel of oil to six thousand cubic feet of gas. Boes and Mcfes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl and an mcfe conversion ratio of 1 bbl:6 mcf are based on an energy equivalence conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead.
Repsol Resources UK Limited also discloses netbacks in this Site. Netbacks per boe are calculated by deducting from the sales price associated royalties, operating and transportation costs.
Unless the context indicates otherwise, references in this Site to "Repsol Resources UK Limited" or the "company" include, for reporting purposes only, the direct or indirect subsidiaries of Repsol Resources UK Limited and the partnership interests held by Repsol Resources UK Limited and its subsidiaries. Such use of "Repsol Resources UK Limited" or the "company" to refer to these other legal entities and partnership interests does not constitute waiver by Repsol Resources UK Limited or such entities or partnerships of their separate legal status, for any purpose.