88 Energy Limited has completed the 2D seismic data acquisition program for PEL 93 over the Owambo Basin on time and within budget.
The program aims to determine the size and quality of the Damara fold structures to form the basis for an independent Certified Prospective Resource assessment.
The company started the 2D seismic acquisition program on July 8 to fulfil the required license commitment for the First Renewal Exploration period.
The program acquired 203 line-km of 2D seismic data utilising Polaris’ vibroseis crew.
The interpretation of the new lines is expected in Q4 2024.
The new 2D seismic data results will be integrated with existing historical exploration data to refine current prospect interpretation.
This will allow for more accurate drilling location identification and enable planning for future drilling events.
The outcome will validate the selection of the acquisition method for PEL 93.
88 Energy says data processing is ongoing in the field, where quality control stacks continue to be produced, and at Earth Signal Processing in Calgary, where the onshore, high-resolution 2D seismic data processing specialists are responsible for finalising the imaging of the dataset.
Vibroseis technology was used due to its reputation for repeatability, controllable energy, and bandwidth.
88 Energy expects the highly quality captured data to demonstrate considerably better seismic signal strength, frequency content, and integrity than the previously acquired Accelerated Weight Drop trial lines.
PEL 93 covers 18,500 km2 of underexplored sub-surface within the Owambo Basin in Namibia.
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.
On July 7, 2024, our near neighbour Reconnaissance Energy Africa Ltd. spudded their first well, Naingopo-1, on PEL 73 in the Owambo Basin.
This is modelled to continue the interpreted opportunity at PEL 93.
Subsequently, growth-focused oil and gas acquisition, development, and production company BW Energy Limited farmed into Recon Africa’s Namibian acreage.
BW Energy acquired a 20% working interest in PEL 73, with a US$16 million equity investment, to participate in two Damara Fold Belt exploration wells and a 3D seismic program, with an option to join two Rift Basin exploration wells over two years.
This new investment demonstrates strong industry and capital market support for the potential of the Owambo Basin, particularly the Damara Play.
