Shares up over 17% (Il Sole 24 Ore Radiocor) - Lisbon, 22 Apr - Shares in Galp were sharply higher after the Portuguese energy group said that the Mopane oil find in Namibia could be "an important commercial discovery." At 0847 GMT, Galp was up 17.24% to 18.81 euros.

The company said that it has "successfully completed"the first phase of theMopane exploration campaign with the conclusion of the Mopane-1X well testing operations.

"The flows achieved during the well test have reached the maximum allowed limits of 14 kboepd, potentially positioning Mopane as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher," it said.

Galp is the operator with an 80% stake in Mopane. The other partners are Namcor and Custos with 10% stakes each.

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(RADIOCOR) 22-04-24 10:53:19 (0241) 5 NNNN