Galp shares up 7% after 2nd successful Namibia well

Galp shares up 7% after second successful Namibia well

WINDHOEK, March 15, 2024 – Galp Energia has successfully drilled its second well offshore Namibia, the company said Thursday in an announcement that boosted shares in the company by around 7%.

The 10,000-square-kilometre PEL-83 block is located in the prolific Orange Basin near Namibia’s border with South Africa.

The Mopane-2X well was drilled to its designed depth in block PEL83, operated by Galp (80%), working alongside Namibian NOC NAMCOR (10%) and local independent Custos Energy (10%).

Drilling, conducted by the Odfjell Drilling-managed Hercules semi-submersible, encountered a significant column with light oil in reservoirs of high quality, Galp said.

The well’s AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located around 8 kilometres away, confirming a significant lateral extension.

The discovery of light oil at the initial probe, Mopane-1X, was announced in January.

Photo courtesy of Odfjell Drilling.

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