88 Energy Limited has completed a high-resolution gravity survey over the southern portion of Petroleum Exploration Licence 93 (PEL 93), with the data expected to play a key role in identifying and refining structural leads and selecting potential well locations.
The company, which holds a 20% working interest in the Namibian licence, said interpretation of the newly acquired dataset is now underway and will be integrated with existing geological and geophysical information to sharpen prospect definition ahead of drilling.
The survey covered an area where multiple structural leads have already been mapped, forming part of the company’s broader strategy to mature targets within the underexplored Kavango Basin.
Nearby activity in the basin has added momentum to exploration efforts, with ongoing production testing providing additional technical insight into the region’s petroleum systems and reservoir potential.
Beyond Namibia, 88 Energy reported a quarter-end cash balance of A$5.5 million (US$3.9 million) as at 31 March 2026, with exploration and evaluation expenditure of approximately A$0.3 million during the period.
Spending included permitting and planning for the Augusta-1 well, acquisition of 3D seismic data in Alaska, and work programme costs associated with PEL 93, including the gravity survey.
Corporate and administrative costs totalled A$0.8 million, including A$0.2 million in director fees, reflecting a slight decline from the previous quarter.
The company’s financial position has since strengthened, with a A$5 million equity placement completed after the reporting period, lifting its pro forma cash position to approximately A$10 million.
With the interpretation of the PEL 93 survey now underway, 88 Energy expects to use the results to guide drilling decisions and advance its Namibia exploration strategy.
