Galp Energia (GLPEY) Taps Into Vast Hydrocarbon Reserves [Yahoo! Finance]
SM Energy Company (SM)
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Source: Yahoo! Finance
It has completed the first phase of exploration of the Mopane field in the Petroleum Exploration License (PEL) 83 and estimated that the field could contain nearly 10 billion barrels of oil. PEL 83 is operated by Galp Energia, which owns an 80% stake along with its partners, National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy, who hold 10% each. Sintana owns an indirect stake in PEL 83 through Custos Energy. The company conducted testing operations in the Mopane 1X well in January and the Mopane 2X well in March. For the Mopane 1X well, oil columns were discovered on two levels, AVO-1 and AVO-2. For the Mopane 2X well, oil columns were found in AVO-3, AVO-1 and a deeper target. Notably, during the Mopane 2X well discovery, it was found that AVO-1 had the same pressure regime as in the Mopane-1X discovery well, around 8 km to the east. This confirmed the lateral extension of the well. Sintana stated that the reservoir's log measures indicate favorable porosity
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- 5/2/24 - Beat
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