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Galp Energia SGPS SA GLPEY, a Portugal-based oil and gas firm, has successfully encountered hydrocarbons from the recently drilled appraisal well in the Mopane prospect offshore Namibia. The company recently released an update concerning the Mopane 1A appraisal well drilled on Oct. 23, 2024. It discovered light oil and gas condensate in reservoir-bearing sands of high quality. The well has been cored and logged.
The Portuguese energy firm plans to launch a new 3D seismic acquisition campaign over the production exploration license (PEL) 83 in Namibia’s Orange Basin. The campaign should support its exploration and production activities in the deepwater block. The appraisal well delivered positive results, confirming the reservoir's high porosity and permeability. The reservoir also demonstrated high pressures that should support natural oil and gas flow rates. Additionally, the results confirmed low-viscosity oil with extremely low levels of CO2 and no hydrogen sulfide (H2S).
The Mopane oil discovery demonstrates the presence of substantial untapped resources. The Mopane 1A well is the third one drilled in the Mopane prospect, following Mopane 1X and Mopane 2X wells. The data collected from the seismic survey will be analyzed and integrated, per a statement by Galp. GLPEY also stated that it will continue to advance its plans for further exploration and production activities in the region.
GLPEY’s Zacks Rank and Key Picks
Currently, GLPEY carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Smart Sand, Inc. SND, FuelCell Energy FCEL and Nine Energy Service NINE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.