NAMIBIA: Galp Discovers Hydrocarbons at the Mopane-1X Well at PEL 83

Galp (operator, 80%) and its partners NAMCOR and Custos (10% each) initiated the drilling campaign
in PEL 83, offshore Namibia, on November 17, 2023.

The first well, Mopane-1X, indicates preliminary signs of hydrocarbon presence.

Drilling and data acquisition campaigns are underway, making any conclusion premature before
operations are completed and results assessed.

The Mopane exploration well was the first of two wells which are scheduled to be drilled by the semi-submersible rig Hercules under a contract that provides for the two wells and optional testing.

PEL 83 is located immediately north of PEL 39, home to Shell’s basin opening, Upper Cretaceous discoveries at Graff-1, La Rona-1 and Jonker-1. Shell continues to progress exploration and appraisal activities on its blocks with an ongoing multi-well campaign through the balance of 2023 and throughout 2024.

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