In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. (“Galp Energia”) hereby discloses the following information:

The contractor group for Block BM-S-24 in ultra deep water of Santos Basin in Brazil, including Petrobras and Galp Energia, announced today that the Jupiter well proved the existence of a large reservoir of natural gas and condensate in the pre-salt of Santos Basin. The exploration well is located 290 kilometres from the coast of the State of Rio de Janeiro and 37 km east of Tupi area, in a water depth of 2,187 meters. The final well’s depth is 5,252 meters.

This discovery was declared to the National Petroleum, Natural Gas and Biofuels Agency (“ANP”), and is located in reservoirs with a depth of 5,100 meters. The thickness of the hydrocarbon bearing reservoir is above 120 meters, with the size of the area of this structure being potentially similar to Tupi.

The contractor group will carry on the activities and investments needed to assess the size of this new reservoir, as well as the characteristics of the natural gas and condensate bearing reservoirs. This assessment will be performed through a Discovery Evaluation Plan that is being prepared and will be sent to ANP, according with the terms of the Concession Agreement.

The contractor group for BM-S-24 includes Galp Energia (20%) and Petrobras (operator, 80%).

At Santos Basin, a basin with high exploration potential, Galp Energia also holds stakes in three additional blocks: BM-S-8 (14%), BM-S-11 (10%) and BM-S-21 (20%).

Galp Energia, SGPS, S.A.