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
Galp 1st qtr conference call; Nambia Pel 38 discussions
Re: Galp 1st qtr conference call; Nambia Pel 38 discussions
Galp hits 3rd well in Mopane field in PEL83 Namibibia. Initial wells 8km apart showed light oil without contaminants, high pressures, and excellent reservoir structures which were felt to be contiguous. Estimates were over 10 billion barrels of oil in place. The 3rd well 10km away reports identical findings and is felt to also be contiguous. Field estimates have not been updated for the findings after the 3rd well's success. The drilling results suggest an extremely large field with unusually good reservoir and petroleum characteristics
Namibia's Orange basin has become an exploration hot spot with large discoveries in the adjacent blocks to the south by Total and Shell.
https://oilprice.com/Latest-Energy-News/World-News/Galp-Conf…
Small cap Sintana energy is a 4.9% partner with Galp. Below is their update on PEL 83 and a summary of their Orange basin holdings.
https://sintanaenergy.com/news-release/pel-83-second-campaign-update-2-successful-appraisal-at-the-mopane-1-a-well/
Farrell
Namibia's Orange basin has become an exploration hot spot with large discoveries in the adjacent blocks to the south by Total and Shell.
https://oilprice.com/Latest-Energy-News/World-News/Galp-Conf…
Small cap Sintana energy is a 4.9% partner with Galp. Below is their update on PEL 83 and a summary of their Orange basin holdings.
https://sintanaenergy.com/news-release/pel-83-second-campaign-update-2-successful-appraisal-at-the-mopane-1-a-well/
Farrell