Company news in brief

Galp readies for DST on oil wellsPortuguese oil firm Galp will carry out a drill stem test (DST) next month on its Mopane 1X well offshore Namibia.Speaking at the company’s results presentation on Monday, Galp CEO Filipe Silva said the group is tapping high-potential assets in Namibia and progressing with its “exciting exploration campaign” in the country.“After identifying two significant light oil columns in a first well drilled in the Mopane prospects, a second well will be completed before we carry out a DST in March. This will allow us to better evaluate the size and commerciality of Mopane,” Silva said.Deep Yellow spends millions in NamibiaDeep Yellow spent nearly N$167 million on its operations in Namibia in its past financial year.The biggest chunk of Deep Yellow’s total spent of about 12.8 million Australian dollars (A$) was operating costs of nearly A$11.4 million, according to the company’s 2023 Sustainability Report.The Australian miner, with Tumas as its flagship uranium project in Namibia, paid nearly N$18 million in wages and benefits locally.The group boosted government revenue by N$493 758, while it invested N$456 466 in community projects in Namibia.The vast majority of Deep Yellow’s procurement expenses in Namibia in its 2023 book-year was spent at local suppliers.Deep Yellow received a mining licence for Tumas at the end of last year.

Company news in brief

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