Upstream confirms Galp reports
Galp Energia’s successful Mopane-1X exploration well offshore Namibia hit a “substantial” pay zone, according to state oil company Namcor, which has also elaborated on the geology of the discovery.
The Portuguese player announced the discovery yesterday, news that saw the company’s stock price close up 8% on Wednesday at €14.98 ($16.39), before surging to a high of €15.13 in Thursday early morning trading on the Lisbon exchange.
Galp stock price hits four-year high after major oil discovery in Namibia's white-hot Orange basin
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Namcor said Mopane-1X in Block 2813A in which it has a 10% carried interest “confirmed the discovery of a substantial column of light oil in high-quality, reservoir-bearing sands in the Cenomanian-Turonian interval.”
This is the second Upper Cretaceous oil discovery in the Orange basin, said the state-owned player, after Shell’s Graff find, augmenting the Lower Cretaceous oil discoveries made by TotalEnergies and Shell in 2022.
This discovery is a pivotal moment in Namibia’s journey towards becoming an influential player in the global energy market PEL 83 JV
The block partners, which include Namibian player Custos Energy, are set to continue the analysis of the acquired data and carry out a drill stem test in the coming weeks.
Mopane-1X drilling operations will proceed to explore deeper targets within the block and on completion of these operations, the Hercules semi-submersible rig will relocate to the Mopane-2X site to further evaluate the extent of the discovery.
Shiwana Ndeunyema, interim managing director of Namcor, said: “This is an amazing time for Namibia and Namcor. The Mopane-1X discovery is not just a significant achievement for our organisation but also a beacon of hope for the entire nation’s economic future.
“We are immensely pleased with these results and excited about the potential opportunities this opens up for our country.”(Copyright)
