Galp Energia

Regulatory Filings • Sep 12, 2019

Approval of the Unitisation Agreements for the Atapu and Sépia accumulations, in the Brazilian Santos Basin

Galp informs that the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the Unitisation Agreements (UA) related with the Atapu and Sépia accumulations. These had been submitted by the BM-S-11A and BM-S-24 consortia, respectively, along with Petrobras for the Transfer of Rights area (ToR) and Pré-Sal Petróleo S.A. (PPSA) for Atapu open area.

As these discoveries extend outside its original licences towards the adjacent areas, a unitisation process is required according to the Brazilian legislation. The agreements establish the tract participation each party will hold on the unitised areas, as well as the terms and conditions for the shared development of the projects.

Atapu

• The Atapu accumulation extends towards the BM-S-11A licence. The agreement establishes that the licence represents 17.03% of the unitised area (BM-S-11A + ToR + Open Area), with Galp now holding a 1.703% interest through its 10% stake in BM-S-11A.
• The BM-S-11A licence hold two additional accumulations, Berbigão and Sururu, also subject to unitisation processes. These UAs were submitted to ANP in 2018 and are still to be approved by the regulator.

BM-S-11A | Atapu unitised

Sépia

• The Sépia discovery extends towards the Sépia East area, within the BM-S-24 licence. The agreement establishes that the licence represents 12.07% of the unitised area (BM-S-24 + ToR), with Galp now holding a 2.414% interest through its 20% stake in BM-S-24.
• BM-S-24 is also home to the large Júpiter discovery, which is a separate accumulation and therefore not included in this UA.

BM-S-24 | Sépia unitised

The UAs are effective as of September 1, 2019.

Unitisation processes lead to equalisations among the parties, based on past capital expenditures carried by partners for their original interest and the net profits received thereunder. These equalisations should therefore lead to reimbursements among partners as per the terms and conditions under negotiation between themselves.

The approval of the unitisation agreements do not result in any changes to Galp's production guidance since the Company's operational and financial projections already reflected the anticipated outcome from the already approved unitisation processes, as well as the expected outcome for the remaining ongoing processes.

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

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João G. Pereira João P. Pereira

Teresa Rodrigues

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

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

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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 forward-looking statements are referred in the Annual Accounts Report of Galp for the year ended 31 December 2018. Galp 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.