General Thoughts, page-2516

V10 beat me to it. This one from Upstream. Galp planning more wells and targeting two reservoirs at Mopane-2X (similar to Mopane-1X). “We have something that looks sizable”.

Galp’s Namibia oil discovery has ‘very encouraging’ qualities, says Galp boss, as more wells eyed

"Galp Energia will know by the end of next month just how much oil is held in its Mopane oil discovery in Namibia’s hydrocarbon-rich Orange basin, but all indications suggest the Portuguese player has a “sizeable” find on its hands. Since the start of the year, the Lisbon-based operator said in two (separate) statements that its Mopane-1X probe in Block 2813A had hit two separate oil columns, both in Cretaceous zones.

While its local partner, Custos Energy, has talked about the prospect having the potential to hold 10 billion barrels of oil in place, Galp has steadfastly refused to get involved in speculation about Mopane's size or key parameters of the discovery well. All that changed today, however, with chief executive Filipe Silva uncharacteristically loquacious in his responses to analysts' questions during the company's fourth-quarter results webcast. While urging caution because only one probe has been drilled on Mopane so far, he said: “We have very encouraging pressures, very encouraging porosity and very encouraging permeability.”

“We have something that looks sizable,” said Silva, adding: “By late March, we will know about commerciality — we should have a very good view on the volumes of the reservoirs that we’ve hit.” By this time — using the semi-submersible rig Hercules — Galp will have drilled the Mopane-2X appraisal well and carried out a drill stem test on the discovery well.

Silva noted that Mopane-1X drilled through two reservoirs and “went all the way to the source rock”, the deeper zone where oil and gas is generated, highlighting that Mopane-2X will also target two reservoirs. He said it is now very likely Galp will drill more wells on its promising exploration block, which lies close to oil-rich acreage operated by Shell and TotalEnergies. “It is highly possible that we will be drilling more wells within the block, given what we’re seeing so far.”