88 Energy is targeting drilling the first well on PEL 93 in the Owambo basin in 2026, subject to approvals.
The company has completed 2D seismic processing over PEL 93, which covers 18,500 km2 of underexplored sub-surface.
88 Energy, through its wholly owned Namibian subsidiary, holds a 20% working interest in PEL 93, with an option to earn up to 45% non-operated interest via additional staged farm-in activities.
Completing the acquisition and processing of more than 200-line km of 2D seismic data fulfils the required license commitment for the First Renewal Exploration period.
The processing, conducted by Earth Signal in their Canadian offices, covered 203-line km of 2D seismic data.
Earth Signal’s land seismic data processing expertise has produced an exceptional image, enabling a detailed interpretation of the Damara play in the Mulden and Otavi reservoir targets.
A preliminary review of the 2D seismic data validates the interpretation of several leads previously identified on legacy datasets.
The company’s JV partner, MEL, completed the initial structural interpretation, which used the dimensions and orientation of an analogous anticline studied in an outcrop to the south.
This analysis highlights Lead 9 as a robust, high-relief structure covering approximately 186 km2, with transparent access to charge from the source rock interval in the basin’s centre.
88 Energy and MEL will soon commence a detailed interpretation of the new 2D seismic data to update the prospect inventory and aim to attain a maiden independent prospective resource classification by Q1 2025.
This work program will map and assess potential drilling locations within the PEL 93 acreage, informed by insights from Recon Africa’s Naingopo-1 well on nearby PEL 73.
In October 2024, Reconnaissance Energy Africa Ltd. announced that the Naingopo-1 well on PEL 73 in the Owambo Basin is ongoing, with results anticipated in the next few weeks.
The Naingopo-1 well is the first drilled by Recon Africa, explicitly targeting the Damara play, which is the same play interpreted by 88 Energy and its JV partner in the PEL 93 acreage.
This recent activity has drawn considerable attention from the oil and gas community, with Recon Africa announcing a farm-out to BW Energy before the Naingopo-1 spud, validating the efforts of Recon Africa and its peers in the basin to date.
