Galp Energia. SGPS, S.A.

Galp Energia. SGPS, S.A. : New well confirms presence of oil in block BM-S-8

               New well confirms presence of oil in block BM-S-8

Galp  Energia, partner  of the  consortium for  block BM-S-8 with  Petrobras and
Shell, informs about the conclusion of the drilling of the well 4-BRSA-946C-SPS,
informally  known  as  Biguá,  which  is  located in block BM-S-8, in ultra-deep
waters of pre-salt Santos Basin, 270 km off the coast of S�£o Paulo state.

This  new well was  drilled at a  water depth of  2,180 meters and confirmed the
presence  of high quality oil, proved by oil samples with 25º API, through cable
testing in reservoirs located at around 5,380 meters of depth. New studies to be
performed from the well data will allow for a better evaluation of the discovery

The new well is located in the Evaluation plan of the Bem-te-vi discovery, 21 km
from this pioneer well.

During  the next following days the contractor  group will start the drilling of
the  third well in the area, informally known  as Carcará, and will carry on the
activities  and  investments  in  accordance  with  the  Evaluation Plan already
approved  by Agência Nacional  de Petróleo, Gás  Natural e Biocombustíveis (ANP)
and which conclusion is expected in December 2012.

Galp Energia holds a stake of 14% in the contractor group that explores BM-S-8,
while  Petrobras  (operator)  holds  66% and  Shell  holds  20%, whose stake was
acquired  by companies Queiroz Galv�£o Exploraç�£o e Produç�£o S.A. (10%) and Barra
Energia  do Brasil Petróleo e Gás Ltda. (10%). The transfer of the participating
interest remains subject to approval by the ANP.

Galp  Energia  holds  stakes  in  three  other  blocks  in  this basin with high
exploratory potential: BM-S-11 (10%), BM-S-21 (20%) and BM-S-24 (20%).

Galp Energia. SGPS, S.A., Public Company
Investor Relations and Corporate Communication Division

Rua Tomás da Fonseca, Torre A
1600-209 Lisbon, Portugal
Tel: +351 217 240 866
Fax: +351 217 242 965
Email:[email protected]

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Source: Galp Energia. SGPS, S.A. via Thomson Reuters ONE