In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. (Galp Energia) hereby discloses the following information:
Galp Energia, partner of the consortium for Area 4 in Rovuma basin, offshore Mozambique, announces a giant natural gas discovery at the Mamba South 1 prospect, in that area. The discovery well encountered a total of 212 meters of continuous gas pay in high-quality Oligocene sands.
The Mamba South 1 discovery well is located in water depths of 1,585 meters, approximately 40 km off Cabo Delgado coast, in the Northern offshore of Mozambique. This is the first exploration well drilled in Area 4. Results exceed pre-drill expectations and confirm the Rovuma Basin as a world-class natural gas province.
The well will be drilled to reach an expected total depth of around 5,000 meters. After completion of drilling and testing activities, the rig will move to drill the second commitment well, Mamba North 1.
The consortium considers that this impressive discovery can lead to at least 15 tcf of gas in place in the Mamba South Area, where the potential of the Tertiary Play that exists in Area 4 will be further assessed under the present drilling.
The outstanding volume of natural gas discovered will lead to a large scale gas development with a combination of both export to regional and international markets through LNG and supply to the domestic market. This will support the industrial and economic growth of Mozambique.
Galp Energia holds a stake of 10% in the contractor group that explores Area 4, while Eni (operator) holds 70%, KOGAS holds 10% and ENH holds the remaining 10%, carried through the exploration phase.
Source: Galp Energia, SGPS, S.A.