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Galp's Namibia find boosts exploration shares, analysts say
The rise in Galp shares is a natural reaction to the significant commercial discovery in Namibia and the eventual sale of the project allows for a reduction in the risk inherent to the oil exploration business, analysts consulted by Lusa considered today.
© Galp Energia
Economia Galp
"At this moment, there is a huge uncertainty regarding the future of the exploration, the future 'cash flows' [cash flows] and how much of its share they will be able to sell to other companies. However, in any case, this will be a clear surplus value for Galp", pointed out Henrique Tomé, analyst at xtb, in a written response to Lusa.
The analyst considered that if the company chooses to explore that reserve in Namibia, it will have a very large increase in future 'cash flow', since this reserve has enormous potential.
On the other hand, if the company chooses to sell part or all of the project, which it holds 80% of, it can raise a large amount of capital in the short term, which it could use in other projects or distribute to its shareholders.
The operational administrator of ActivTrades Brasil, Mário Martins, also highlighted that "when an effective discovery occurs, the company profits from a substantial part of its investment, even if it is only potentially".
In the event that the company puts part or all of the project up for sale, this "will allow a part of that profitability to be realized, in addition to reducing the risk", explained the analyst.
"In the same way, the confirmation of these reserves provides raw material for several more years of operation of the company, thus creating additional expectations of future profits", added Mário Martins.
On Sunday, Galp informed investors that the oil reserve in Namibia, in the first phase of testing of the Mopane campaign, has the potential to be a "major commercial discovery".
In a statement sent to the Portuguese Securities Market Commission (CMVM), the company explains that "in the Mopane complex alone and before drilling additional exploration and evaluation wells, the hydrocarbon estimates at the site are 10 billion barrels of oil equivalent, or more".
The Lisbon stock exchange closed today on the rise, with the PSI index registering a rise of 3.50% to 6,515.47 points, the highest appreciation since November 2020, supported by Galp, whose shares rose 20.64% to 19.35 euros.
Read Also: PSI rises 3.50% with Galp advancing 20.64% (Portuguese version)
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