https://www.galp.com/corp/Portals/0/Recursos/Inv_1Q24/Galp%201Q%202024%20Results%20Presentation.mp4
High points re Namibia PEL 38
Fast tracking development
Plan 4 additional "permanent wells"
Seeking major oil company partner to fund capex
Recovered all liquids primarily light oil some condensate
Confirms 10 billion barrel estimate
3 layered reservoirs with significant extensions
2 wells Mopane 1 and 2... 8 km apart... show evidence of continuity
Seismic suggests other large fields in block
DST and drilling ,"very impressive"
Light oil,low viscosity...no sulfur or significant CO2
Increased well pressures; high porosity
Well characteristics suggest lower capex for development
Full carry for partners, Namcor 10%, Custos 5.1%, and Sintana {SEUSF} 4.9%
From CEO:
In Namibia... we have significantly de-risked the Mopane complex after completing the first two wells and the DST in Mopane 1X. We have encountered significant light oil columns in high quality reservoir conditions, placing Mopane as a potential major commercial discovery. This should support the growth profile of Galp for the next decades to come...
Farrell