Post by
farrell90 on Jun 22, 2024 3:58pm
Galp review of Namibia PEL 38; $/30/2024 1st qtr transcript
I re read Galps best review of PEL 38 to date. I could not remember anyone posting it here, so I have.
All share holders should read first quarter transcript completely.
https://www.galp.com/corp/Portals/0/Recursos/Inv_1Q24/Galp_1Q24_Transcipt_Video_QA.pdf
High lights:
Galp confident of 10 billion barrel or higher light oil estimate
AVO 1 and AVO3 have extentions;only a part of Mopane has been drilled
Quick development planned with 4 additional Mopane wells,"keepers"
Drilling may begin as soon as 4th quarter 2024
Oil has no substanial impurities; not a gas discovery
Galp describes a project as too big for its resources alone to develop; a multiple FSPO project
Seekiing partner to pay for rest of capital expenses and perhaps over see development ASAP
Galp to use proceeds from sale directly into PEL83 project
Ideal well conditions; low viscosity,,good porisity,high pressures and permeabilities should lower pre drill estimated expenses
Namibia cooperation is first rate
More seismic for northern PEL83 to outline additional potential drill sites
Potential large multiple world class oil fields in north PEL 83
Most upbeat review of an oil field development I have ever read. Guyanna parallels are well deserved in my opinion