Galp Energia SGPS (GALP) Partnership summary

Opening remarks and agenda

• Conference call announced a partnership to expand presence in Namibia's Orange basin, focusing on key oil discoveries, with presentations and a Q&A session led by senior management.

Objectives of the partnership

• Partnership aims to accelerate development of the Orange Basin PEL 83 (Mopane) and PEL 56 (Venus) blocks in Namibia, strengthening presence through collaboration and expansion.

• Commitment to exploration and appraisal campaigns of at least three wells over the next two years to de-risk assets and unlock a development hub.

• Seeks to create a major producing hub in Namibia and support long-term production and cash flow clarity.

Partner introductions and roles

• Galp brings recent drilling success and asset knowledge; TotalEnergies contributes deep-water operational expertise, financial strength, and operatorship in PEL 83.

• NAMCOR, Custos, QatarEnergy, and Impact also hold interests in the relevant blocks.