Monitor Exploration has secured funding from Somerschield Investments for ongoing basin and prospectivity studies aimed at finalising the location for its first exploration well, scheduled for 2026 within Petroleum Exploration Licence (PEL) 93 in Namibia’s central Owambo Basin.
The funding marks a significant milestone in Monitor’s efforts to advance one of the country’s most promising onshore oil and gas prospects.
The United Kingdom-based Monitor Exploration Limited (MEL UK) announced that Somerschield, a private investment vehicle headquartered in Windhoek, will invest up to US$750,000 in MEL Oil & Gas Exploration Namibia (Pty) Ltd, its Namibian operating subsidiary.
The investment is structured as a convertible instrument linked to a future initial public offering (IPO) or a farm-out of MEL Namibia’s licence interests, providing capital flexibility while aligning both parties for long-term collaboration.
Proceeds from the investment will primarily support MEL Namibia’s technical and geological work programme, which includes basin modelling, stratigraphic interpretation, and lead mapping across the Owambo Basin.
These studies will inform the selection of Monitor’s first exploration well site, which forms the centrepiece of its 2026 drilling campaign, conducted in partnership with 88 Energy Ltd.
A portion of the funding will also be directed toward early-stage exploration of MEL’s newly awarded licence in the Nama Basin, where favourable geology and a wealth of existing subsurface data suggest strong hydrocarbon potential.
The company says this addition strengthens its strategic position across Namibia’s onshore basins, expanding its portfolio beyond the Owambo region.
As part of the agreement, Lazarus Shigwedha, Chairman of Somerschield Investments, has joined MEL Namibia’s Board of Directors.
Shigwedha is a seasoned Namibian investor with extensive experience in resource-sector financing and regional development projects. His appointment brings local insight and is expected to enhance MEL’s ability to raise capital for future drilling phases and deepen engagement with domestic stakeholders.
Monitor Exploration Chief Executive Officer Paul Barrett welcomed Somerschield as a partner, describing the investment as “a strong endorsement of Monitor’s long-term commitment to Namibia’s onshore potential.” Barrett said the partnership provides “not only strategic capital but also valuable local expertise to ensure the responsible and successful development of our projects.”
The Owambo Basin, covering much of northern Namibia, is regarded as one of the last large, under-explored onshore basins in Africa.
Historical seismic and well data indicate the presence of significant sedimentary thickness and multiple structural traps, offering potential for oil and gas accumulations comparable to those in regional analogues in Angola and Zambia.
MEL’s exploration focus in PEL 93 builds on years of basin analysis and data compilation that began soon after the company entered Namibia’s onshore sector.
The firm has undertaken detailed geological and geophysical studies, integrating historical datasets with modern imaging and modelling to refine its understanding of the basin’s petroleum systems.
In parallel, the company continues to engage with local authorities, regulators, and communities to ensure its exploration programmes align with Namibia’s environmental and social standards.
The collaboration with Somerschield strengthens this approach, embedding local participation into the project’s governance and economic structure.
For Somerschield Investments, the partnership represents a strategic expansion into Namibia’s upstream energy sector.
The firm, whose investment portfolio spans resources, technology, real estate, and luxury experiences, is known for backing projects that foster long-term, sustainable growth.
In a statement, Somerschield said the alliance with Monitor “reflects our belief in Namibia’s energy future and our commitment to responsible investment that drives innovation and local value creation.”
Monitor’s dual focus on the Owambo and Nama basins positions the company at the forefront of Namibia’s emerging onshore exploration frontier, complementing the rapid development of the country’s offshore Orange Basin, where recent discoveries by Shell, TotalEnergies, and Galp have transformed regional energy dynamics.
With Somerschield’s support, MEL Namibia will complete its technical evaluations and prepare for seismic data acquisition leading up to the 2026 drilling campaign.
If successful, the programme could open a new chapter for Namibia’s inland hydrocarbons industry, unlocking opportunities for domestic energy production and local investment.
As Barrett concluded, “The partnership with Somerschield represents a key step forward. It unites international expertise with Namibian capital and vision—an essential combination for developing the country’s onshore resources in a sustainable and inclusive way.”
