I heard whispers a year ago that Repsol folks thought they had 'hit the next Kuparuk.' This can't be an investor play because the SEC takes a very dim view of oil companies trying to raise money off unproven or speculative reserves. That's why all the big mining companies are based in Canada or Australia; their stock exchanges are much more flexible about this. Repsol is a Spanish company but it does trade on the NYSE which makes it subject to all the US regs.