GALP : Reserves announced at 10bn boe in Namibia and ahead of expectations – target price raised from € 17.5 to € 19
>Galp puts reserves at over 10 Bboe - GALP on Sunday announced that it had successfully finalised the first phase of its exploration campaign in the Moprane complex in the Orange basin off Namibia. The group has already given details on four occasions regarding its major discovery but in this fifth communiqué, it is the first time it has announced the scale of the reserves, this information being eagerly awaited by the market. It has now done so and it is a very plea...Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
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