Galp Energia’s shares experienced a significant surge on Monday, rising by as much as 21% in Lisbon. This upward trend was driven by the company’s announcement of a successful well test at its Mopane prospect in Namibia.
The results of the test indicate that the Mopane well has the potential to be an important commercial discovery. The well test reached the maximum allowed limits of 14,000 barrels of oil equivalent per day, a promising sign for the well’s productivity.
Galp also estimated that the Mopane complex as a whole could contain hydrocarbon reserves of 10 billion barrels of oil equivalent or more. This estimate is based on data from the Mopane-1X well and does not include additional exploration and appraisal wells that may be drilled in the future.
Galp’s successful exploration campaign has contributed to Namibia’s emergence as a major oil exploration hotspot on the African continent. In recent years, other major oil companies such as Shell and TotalEnergies have also made significant discoveries in Namibia.
Galp plans to continue exploring, appraising, and developing the Mopane complex. The company operates the license area with an 80% stake, while the National Petroleum Corporation of Namibia (Namcor) and Custos each hold 10% stakes. Galp also has stakes in offshore oil blocks in Brazil.
