Galp Energia Announces New Oil Discovery on Block 32 in Angola

Tuesday, August 07, 2007

The contractor group for Block 32 in ultra deep water offshore Angola, where Galp Energia holds a position, has announced the twelfth oil discovery with the exploration well designated Colorau-1.

Drilled in a water depth of 1.700 metres, the Colorau-1 well encountered Upper Oligocene oil bearing reservoirs. The well was tested at a rate of 2.130 barrels of oil a day, through a 32/64 inch choke. This discovery is located in the north-eastern part of Block 32, approximately 16 kilometers north east of Manjericão.

Complementary technical studies are being carried out to fully evaluate these promising drilling results, and further exploration drilling is underway and planned across the Block.

Ultra-deep exploration work performed on Block 32 in the last few years, which conducted to the discoveries of Gindungo in 2003, Canela and Cola in 2004, Gengibre and Mostarda in 2005, Salsa, Pimenta, Caril and Manjericão in 2006 and the positive results from the recently drilled wells Louro-1 and Cominhos-1 confirmed the major potential of the Block.

The Contractor Group for Block 32 is formed by Sonangol (20%), Total (operator, 30%), Marathon Oil (30%), Exxon (15%) and Galp Energia (5%).

Galp Energia is also present in Block 33, Block 14 and Block 14K/A-IMI in Angola. In addition, Galp Energia holds a position of 20% in Block Cabinda Centre located onshore Angola.

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