Galp Energia

Legal Proceedings Report • Nov 13, 2015

Declaration of Commerciality of Sépia East field in the pre-salt of Santos basin

Galp Energia, partner in the consortium for the development of block BM-S-24, informs that the operator Petróleo Brasileiro S.A. (Petrobras) has submitted a Declaration of Commerciality (DoC) to the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP) for the oil accumulation located in the north-west area of the Jupiter discovery evaluation plan, in that same pre-salt Santos basin block. The consortium proposed that the new field will be designated as Sépia East.

This field is located approximately 250 km off the coast of Rio de Janeiro state at a water depth of 2,165 metres. The total estimated recoverable volume of the Sépia East field is 130 million barrels of oil equivalent (mmboe).

Whilst carrying out exploration works, it was proved that the Sépia discovery (located in the Transfer of Rights area) extends towards the Sépia East area (within the BM-S-24 concession), with reservoirs of excellent porosity and permeability and high quality oil (c.26º API).

Following the DoC of the Sépia East and Sépia fields, the latter submitted in September 2014, the consortium of Block BM-S-24 and Petrobras, as the Transfer of Rights owner, are carrying out the unitization process in order to jointly develop the field.

The Transfer of Rights and BM-S-24 unitised areas are expected to start production in 2019.

Galp Energia, through its subsidiary Petrogal Brasil, has a 20% stake in the consortium that explores BM-S-24, with Petrobras (the operator), holding the remaining 80%.

Galp Energia, SGPS, S.A. Investor Relations:

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João Pereira Joana Pereira Pedro Pinto

Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65

Address: Rua Tomás da Fonseca, Torre A, 1600-209 Lisboa, Portugal Website: www.galpenergia.com Email:investor.relations@galpenergia.com

Reuters: GALP.LS Bloomberg: GALP PL

This announcement may include forward-looking statements. Forward-looking statements are statements other than in respect of historical facts and accordingly actual events or results may differ materially from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to differ from forwardlooking statements are referred in the Annual Accounts Report of Galp Energia for the year ended 31 December 2014. Galp Energia does not intend to, and expressly disclaims 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 announcement to reflect any change in events, conditions or circumstances.

Galp Energia, SGPS, S.A. | Public Company | Head Offices: Rua Tomás da Fonseca Torre C, 1600-209 Lisbon Share Capital: 829,250,635 Euros | Registered at the Commercial Registry Office of Lisbon | Company tax number 504 499 777