GALP ENERGIA, SGPS, S.A. Galp informs that it is in the process of farming-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 in Namibia to an ExxonMobil subsidiary.
Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship. The National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license.
The license is located in the Walvis basin and covers an area of 11,444 km2 in water depths ranging from 300 m to 2,000 m.
The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.
Source: Galp Energia, SGPS, S.A.
Galp Energia SGPS SA published this content on 31 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 January 2018 20:19:04 UTC.
Original documenthttp://www.galpenergia.com/EN/investidor/Noticias/Paginas/Galpfarms-down40inNamibiaPEL82toExxonMobil.aspx
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