Galp Energia SGPS SA

Good afternoon, ladies and gentlemen. Welcome to GALP's third quarter 2024 results presentation. I will now pass the floor to Otelo Ruabu, Head of Investor Relations.

Bom dia and welcome to GALP's third quarter 2024 analyst Q&A session. As usual, we will start with a brief introduction from Philippe before diving right into Q&A, where our executive team will be happy to tackle your questions. Now, the also usual disclaimer. During today's session, we may make forward looking statements based on our current estimates. Actual results could differ due to various factors outlined in our cautionary statement within the materials we released this morning. Over to you, Filip.

Thank you, Otello. Good morning, all of you. Otello, this is going to be your Last call, as some of you know, Otello is starting a new position within GALP. He's going to be our CFO of the Renewables Division working with Yorgos. Many thanks, Otello. This was really great fun working together the last 10 years. You know, you've always acted brilliantly as the external face of GALP with the capital markets. So, João Pereira. Some of you know well, João will lead our engagements with the markets. João will be reporting to Alex Gonçalves. And Alex is our planning and performance director. And I.R. will be under his watch as well. Thank you again, Rodrigo. On the quarter, pretty straightforward, I would say, robust performance. And this despite a much less supportive refining and commodities price environment. All in all, we're at the end of October now. We're quite confident that we will be getting our full year guidance. Our key projects are progressing well. On the downstream side, very strong convenience, client services delivery. in industrial good energy efficiency initiatives, grain hydrogen, SAF, sustainable aviation fuel, those projects are progressing well. And in upstream, we have the Bacalao sail away from Singapore to Brazil, expecting this December. In Namibia, we are drilling our third well as we speak. This will be a keeper. The fourth well is planned for the summer and then followed by wells number five and six. The location of those last two is still to be decided depending on our best assessment of the reservoirs at that time. We will also be carrying out high resolution seismic work over the entire Maupin complex during Q1. Now, we remain very keen to hold on to our 80% stake in Namibia, at least until we get the results from our next two wells. As you know, a number of other wells are going to be drilled in Namibia by other players around our block. So lots of very precious information is going to come our way over the next few months. So very, very exciting times for GALP and for Namibia.