88 Energy Limited has secured a 12-month extension for Petroleum Exploration License 93 (PEL 93) in Namibia’s Owambo Basin, moving the First Renewal Exploration Period’s expiry date from 2 October 2025 to 2 October 2026.
The industries, mines, and energy ministry has approved the extension under Section 30(2A) of the Petroleum (Exploration and Production) Act.
Under the extended term, the Joint Venture—comprising 88 Energy (20% working interest) and Monitor Exploration Limited—will complete several committed work items.
These include the acquisition of an airborne gravity and magnetic survey, supplemented by radiometric data.
The survey aims to refine subsurface imaging and support the selection of drilling locations by integrating with existing datasets.
A high-resolution airborne gravity survey is scheduled for the second half of calendar year 2025, focusing on the southern area of PEL 93.
This region includes Lead 9, a ~100-square-kilometre anticlinal structure confirmed as a priority target based on 2024 2D seismic results.
Analysis indicates closure at all reservoir and source rock levels. The gravity survey is also expected to identify additional leads within the broader area.
An Environmental Impact Assessment (EIA) for drilling operations will be completed during the extension period to meet Namibian regulatory requirements. The partners have committed to a minimum gross spend of US$800,000 to fund these activities.
In conjunction with the license extension, 88 Energy and Monitor have executed a variation to the existing Farmout Agreement. The amendment introduces a Stage 1A Work Program, comprising a high-resolution airborne gravity, magnetic, and radiometric survey; preparation of a certified prospective resource report; identification of potential drilling locations; and creation of an Authority for Expenditure (AFE) for the proposed well.
Stage 1A will be jointly funded on a 50:50 basis by 88 Energy and Monitor, subject to a cost cap of US$1 million, unless otherwise agreed.
PEL 93 Forward Work Program
The joint venture is preparing to commence the airborne gravity survey in H2 CY25, focusing on the southern portion of the license area in the heart of the Owambo Basin. This follows the identification of Lead 9 — a huge anticlinal structure – during the CY24 2D seismic program. Lead 9 is similar to ReconAfrica’s imminent Kavango West 1X well in that both show an extensive and robust structural closure, including the shallow clastic reservoirs, the deeper Otavi carbonate reservoir seen in Naingopo-1 and the deeper source rocks.
According to the Operator, Monitor, the regional structural model suggests the presence of a series of similar features extending across the southern Owambo Basin. Early gravity and radiometric data suggest even larger structural leads may be present in the southeast of the block.
Regional activity around PEL 93 is also intensifying. ReconAfrica plans to drill the Kavango West 1X exploration well from July 2025 in an area with geological similarities to the Lead 9 field.
This nearby drilling is seen as a potential catalyst for further investment and exploration interest in the Owambo Basin.
88 Energy’s latest update confirms the Joint Venture’s strategic focus on data acquisition and risk management before committing to drilling.
The planned survey work is expected to deliver improved subsurface models, supporting well location decisions while meeting the terms of the licence extension.
With the extension secured, Monitor and 88 Energy will proceed with the approved Stage 1A Work Program, culminating in the selection of a drilling location informed by integrated seismic, gravity, magnetic, and radiometric datasets.
The EIA process will ensure environmental compliance ahead of any drilling operations. The Joint Venture’s planned activities over the next year will determine the readiness of PEL
