<div id="readability-page-1"><div>** Shares in Galp fall around 11% after the Portuguese energy firm signed a deal with TotalEnergies for the French group to become the operator of Galp's Mopane offshore permit in Namibia's Orange Basin** TotalEnergies will receive a 40% participating interest in PEL 83, where Mopane is located, in exchange for a 10% interest in Total's Venus discovery (PEL 56) and a 9.4% interest in PEL 91** RBC says the deal looks &#34;more constructive&#34; for Total than Galp, as it includes no upfront cash payments** &#34;The repayment of the full carry may also be seen as weaker than anticipated,&#34; RBC adds** The carry will be repaid following the first commercial oil through 50% of Galp's future cash flows from the project, the companies say** If the losses hold, Galp shares will see their worst day since March 2020; shares of TotalEnergies are flat</div></div>

Galp's shares fell 11% after a deal with TotalEnergies, which gained a 40% interest in Galp's Mopane permit in exchange for interests in Total's Venus discovery and PEL 91. RBC views the deal as more favorable for Total, with no upfront cash payments. Galp's shares face their worst day since March 2020, while TotalEnergies' shares remain flat.

Galp falls after exchange deal giving 40% interest in Mopane permit to TotalEnergies