OREANDA-NEWS. The Repsol Board of Directors, which met today in Houston (USA), agreed, at the proposal of the Nomination and Compensation Committee, the appointment of J.Robinson West as independent director of the company. Following his appointment, the Board has also agreed to appoint him as a member of the Delegate Committee.

J. Robinson West is an internationally recognized expert with extensive experience in oil and gas. He is currently a Senior Adviser to the Energy & National Security Program at the Center for Strategic & International Studies (CSIS) in Washington DC. He founded the international consultancy group PFC Energy, and he has held several positions of responsibility in the White House staff in several administrations.

The Repsol Board of Directors also approved today the appointment of market and finance expert Mario Fernández Pelaz, an independent director of the Board, as amember of the Audit and Control Committee. .

The Board of Directors has also agreed to suspend the execution of the share capital reduction approved at the General Shareholders´ Meeting of the Company on March 28, 2014, considering that the acquisition of Talisman Energy Inc. and the consumption of liquidity that it entails is a supervening circumstance that could not therefore be taken into account at the time the resolution was approved by the Shareholders´ Meeting and which make it advisable to rescind it.

This must be confirmed at the next Annual Shareholders´ Meeting. The intention of the Board is to submit for the Shareholders´ Meeting consideration the annulment of the capital reduction resolution with the provision that, if shareholders chose to uphold it, the Company would proceed immediately to its implementation.