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Thursday 27 October, 2011

Galp Energia. SGPS, S.A.

Galp Energia. SGPS, S.A. : Update on Mamba Sout...






     Galp Energia announces an update on Mamba South prospect in Mozambique

In  accordance with the terms of  article 248 of the Portuguese Securities Code,
Galp   Energia,  SGPS,  S.A.  (Galp  Energia)  hereby  discloses  the  following
information:

Galp  Energia, partner  of the  consortium for  Area 4 in Rovuma basin, offshore
Mozambique,  provides  an  update  on  the  gas  discovery at the Mamba South-1
prospect.  During its deepening, the well  encountered a new separated pool that
contains  up to 7.5 Tcf of gas  in place in clean sands  of Eocenic age. The new
sequence has about 90 meters of gross pay and has also been successfully cored.

The  well will be  now drilled to  the total depth  of about 5,000 meters, after
which  the rig  will move  to drill  the second  commitment well, Mamba North-1
located about 22 kilometers north of Mamba South-1 location.

It  is expected  that the  unprecedented potential  of tertiary play existing in
Area 4 will be further precised in the forthcoming appraisal campaign.

The consortium has already started the front end activities to timely market the
gas both internationally and locally.

Galp Energia holds a stake of 10% in the contractor group that explores Area 4,
while  Eni (operator)  holds 70%, KOGAS  holds 10% and  ENH holds  the remaining
10%, carried through the exploration phase.



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]
www.galpenergia.com






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

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