Monitor Exploration has agreed to collaborate with Exito Energy Resources to advance exploration efforts on PEL 105 in the Owambo Basin.
Exito Energy Resources holds PEL 105 on blocks 1718 and 1818 near ReconAfrica’s blocks 1819 and 1820.
The license covers 17,000 sq km and extends east of PEL 93, where Monitor Exploration has a farm-in agreement with 88 Energy.
The companies will use their expertise and resources to identify hydrocarbon potential by integrating remote sensing data with existing gravity, magnetic, geochemical, and passive seismic information.
They will work closely with Pioneer Oil and Gas Consulting, the technical advisor supporting both companies’ exploration activities.
Upon completing this initial phase, the partners will consider further studies, such as 2D seismic surveys, to refine potential drilling locations.
Exito Energy Resources may also bring additional partners for the next exploration phase.
Monitor Exploration Limited can seek approval to become a direct license holder in PEL 105, strengthening their collaborative partnership.
Exito Energy Resources has invested significant capital in securing and maintaining license 105, positioning itself to contribute to Namibia’s energy future through careful resource management and exploration innovations.
