General Thoughts, page-6817

Official update from Galp...

"Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has successfully drilled and logged the Mopane-2A well (Well #4) in PEL83, which was spudded on December 2.

Mopane-2A found a hydrocarbon column of gas-condensate in AVO-3 with a thin net pay in the reservoir sweet spot. The well also discovered a hydrocarbon column of light oil in a smaller reservoir, AVO-4. Both reservoirs showed good quality sands, with good porosities and permeabilities, high pressures and low fluid viscosities characteristics, with minimum CO2 and no H2S concentrations. Also, in line with all previous Mopane wells, no water contacts were found.

Galp and its partners will continue to analyse and integrate all new acquired data to allow a better understanding of the Mopane complex. Galp will continue to assess the commerciality of the discoveries. As part of the ongoing E&A campaign in the wider Mopane area, the drillship is now moving to the Mopane-3X exploration well location (Well #5), targeting two stacked prospects AVO-10 & AVO-13 with expected spud date around 1st January 2025.

In parallel, the joint venture is carrying out a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex."