Oil

Oil ppppGalp announced last week (14) its second high-quality oil discovery in Namibia. The column with significant quantities of "light" oil is located in the Mopane-2X well in block PEL83.

The company announced its first discovery in the same block on January 26, in the Mopane-1X (AVO-2) area.

Research to determine other characteristics and the commercial potential of the discoveries will continue until the beginning of April.

As in February, the information from the second discovery caused the shares to rise by 6.74% to 15.61 euros.

On January 10, Galp closed the session up 8% on the Lisbon stock exchange to 14.98 euros, following the announcement that the oil company had discovered oil in Namibia. The stock closed at four-year highs with this discovery.

In just one session, Galp appreciated by 860 million euros for a total stock market valuation of 11.58 billion euros. The Amorim family's joint stake with Angolan oil company Sonangol alone was worth 310 million euros, with 170 million euros corresponding to the stake held by Maria Fernanda Amorim and her daughters, including Paula Amorim, chairwoman of energy.

The Portuguese energy company owns 80% of the operating consortium, followed by NAMCOR and Custos (10% each).