RE:RE:RE:RE:RE:RE:Venus Results Imminentoil but no oil ;-)
Galp Energia, SGPS, S.A. + Public Company + Head Offices: Rua Toms da Fonseca Torre C, 1600-209 Lisbon
Share Capital: 829,250,635 Euros + Registered at the Commercial Registry Office of Lisbon + Company tax number 504 499 777
Lisbon, May 21 2013
Wingat-1 exploration well results
Galp Energia announces that the Wingat-1 exploration well in the Petroleum Exploration Licence (PEL) 23 in the
Walvis basin, offshore Namibia, has been concluded and the results from the well indicated the presence of oil,
although not in commercial volumes. The Wingat-1 well, spudded in March 25, was drilled in water depths of circa
1,005 meters and has reached a final depth of 5,000 meters. The well is currently being plugged and abandoned.
The main objective of the well was to test the resource potential of the Albian age carbonate platform, which was
penetrated on targeted depth, but its reservoir quality is much less developed than originally expected.
The Wingat well was initially planned to be drilled to a total depth (TD) of 4,127 meters, but because of the potential
to drill deeper to test the presence of turbidite reservoirs and the opportunity to penetrate and to sample the main
source rock, the consortium decided to go deeper, to a final TD of 5,000 meters. This decision was also supported by
the increasing concentrations of hydrocarbon shows present in the well below of the depth of 1,500 meters.