88 Energy has awarded Polaris Natural Resources Development the tender for the 2D seismic data acquisition program for PEL 93 in the Owambo Basin.
Polaris Natural Resources Development, a Canadian company, provides comprehensive project design and management, state-of-the-art technologies, and a highly experienced team of seismic professionals.
The company has completed 2D seismic acquisition programs regionally for Invictus Energy in Zimbabwe and ReconAfrica in Namibia.
Additionally, Polaris has contributed to many world-class discoveries, with over 1,000 projects completed on four continents since 1996.
88 Energy and its partners, Monitor Oil and Gas Exploration, Legend Oil Namibia, and Namcor, want to acquire a minimum of ~200-line km of low-impact 2D seismic starting mid-2024.
The 2D seismic program is expected to be completed in Q3 2024, and data processing is anticipated to be completed in Q4 2024.
The results will then be incorporated into existing historical exploration data over the acreage and used to identify possible exploration drilling locations.
Subsurface investigations completed by Monitor on PEL 93 since its award in 2018 have incorporated a range of geophysical and geochemical techniques to assess and validate the acreage’s significant potential.
The initial exploration of the Owambo Basin focused on shallow Karoo play.
However, attention has turned to the substantial potential of the deeper and largely untested Damara Play.
The Damara Play resulted from a large fold and thrust episode, providing significant independent targets for exploration of an equivalent size to those discovered offshore Namibia, where an exploration renaissance is underway with an ~88% success rate.
88 Energy, through its subsidiary 88 Energy Namibia, signed a farm-in agreement on November 14, 2023, to acquire Monitor’s 20% working interest in PEL 93 for an anticipated US$18.7 million investment.
88 Energy now has 20%, Monitor retained 55% from the previous 75%, Legend has 15%, and Namcor holds the other 10%.
88 Energy may earn up to a 45% working interest in PEL 93 by funding its share of agreed-upon costs under the 2024 work program and budget as defined in the Farm-In Agreement and any future work program budgets yet to be agreed upon.
