Galp confirms light oil and gas condensate from new well in Namibia

Galp drilled, recorded and collected samples from a fifth well off Namibia, Mopane-3X, having detected light oil and gas condensate, the company announced to the market this Tuesday.

In a statement sent to the Securities Market Commission (CMVM), the company explained that, together with partners Namcor and Custos (each with 10% of the operation), it drilled the new well, the fifth in Namibia and which is included in Petroleum Exploration License No. 83 (PEL 83).

The well is about 18 kilometers away from the Mopane-1X well and preliminary data “confirms significant columns of light oil and gas condensate in AVO-10 and columns of light oil in AVO-13 and in the deeper sand, in high-quality sandstones”.

Galp also states that “good porosity, high pressures and high permeability” were confirmed, with initial samples suggesting “low oil viscosity and minimal concentrations of CO2 [carbon dioxide] and H2S [hydrogen sulfide]”.

The oil company also notes that the preliminary results and higher-than-expected pressures “unlock exploration and evaluation opportunities in the southeastern Mopane region”.

Galp is part of a consortium with Namcor and Custos in which it holds 80% of the capital.

In October, Galp's then CEO, Filipe Silva, stated, in a conference with analysts, that the oil company should maintain its current 80% stake in the oil exploration project in Namibia until the end of 2025, when it will complete the work.

Last week, Galp announced that it recorded profits of 961 million euros in 2024, a drop of 4% compared to the same period last year.

Galp continued to lead gains on the Lisbon stock exchange on Tuesday, rising 7.56% to 16.07 euros per share. At 10:30 am in Lisbon, shares were trading at 16.07 euros, after more than 1.175 million shares had changed hands, generating revenue of around 18.78 million euros. On Monday, shares closed at 14.94 euros.