"Galp Energia has hit a second "significant" oil column with its Mopane-1X exploration well offshore Namibia. News of success at a deeper geological level resulted in a near 2.75% surge in the company's stock price today to €14.16 ($15.70)." (Sintana is currently up around 9% also).
"Maggy Shino, Petroleum Commissioner at Namibia's Ministry of Mines & Energy, said: The announcement of this significant additional discovery is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry."
A reminder from our recent ann that "GALP's PEL 83 prospects are thought by Pancontinental to reside in a very similar (intra-slope) setting to the PEL 87 Saturn feature, with the reservoir sands being of comparable age and sharing the same oil source formation (Kudu Oil Shale)."
PCL Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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