February 13, 2023

Galp to divest from Angolan upstream assets

Galp has signed an agreement with SOMOIL - Sociedade Petrolífera Angolana S.A. for the sale of its upstream assets in Angola.

Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price.

The transaction is subject to customary terms and conditions, with completion expected during the second half of 2023.

"This transaction allows Galp to crystalize value from mature upstream assets and supports the high-grading of our upstream portfolio and our decarbonisation strategy. We are confident that Somoil, already present in Block 14, will be a strong contributor to the development of these longstanding Galp assets."

Filipe Silva, Galp CEO

BofA Securities acted as financial adviser to Galp.

Assets and stakes included in the transaction

Block 14 (9% Galp): Tombua; Landana; BBLT - Benguela, Belize, Lobito, Tomboco; Kuito; Block 14K (4.5% Galp): Lianzi; Block

32 (5% Galp): Kaombo (operating); CNE (under development)

Galp Energia, SGPS, S.A.

Investor Relations:



Otelo Ruivo, Director

Tel: +351 21 724 08 66

João G. Pereira

Fax: +351 21 724 29 65


Teresa Toscano


Reuters: GALP.LS

Tommaso Fornaciari

Rua Tomás da Fonseca,

Bloomberg: GALP PL

César Teixeira

Torre A, 1600-209 Lisbon, Portugal

This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or commitments and project plans, timing, and outcomes; production rates; developments of Galp's markets; and impacts of the COVID-19 pandemic on Galp's businesses and results; any of which may significantly differ depending on a number of factors, including supply and demand for oil, gas, petroleum products, power and other market factors affecting them; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and international economies and markets; the impacts of the COVID-19 pandemic on people and economies; the impact of Galp's actions to protect the health and safety of its employees, customers, suppliers and communities; actions of Galp's competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the actions of consumers; other legal and political factors, including changes in law and regulations and obtaining necessary permits; unexpected operating events or technical difficulties; the outcome of commercial negotiations, including negotiations with governments and private entities; and other factors discussed in Galp's Management Report & Accounts filed with the Portuguese Securities Market Commission (CMVM) for the year ended December 31, 2021 and available on our website at All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Galp and its respective representatives, agents, employees or advisers do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this document to reflect any change in events, conditions or circumstances. This document does not constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.


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Galp Energia SGPS SA published this content on 13 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2023 06:15:03 UTC.