88 Energy says a prospective resource estimate for PEL 93 in the Owambo onshore basin is targeted for completion in the first half of 2025.
This follows the internal review of Monitor Exploration Limited’s initial interpretation of 2D seismic data, which identified an initial suite of 10 significant independent structural closures.
PEL 93 is a vast 18,500 km² onshore licence area comprising central licence blocks 1717 and 1817.
88 Energy is targeting drilling the first well on PEL 93 in the Owambo basin in 2026, subject to approvals.
Monitor Exploration Limited operates the licence, while 88 Energy holds a 20% working interest with an option to earn up to 45% non-operated interest via additional staged farm-in activities.
The other partners are Legend Oil Namibia at 15% and Namcor at 10%.
The partners acquired and processed over 200 line km of 2D seismic data in October 2024, fulfilling the required license commitment for the First Renewal Exploration period.
88 Energy says Monitor Exploration Limited’s initial interpretation of the 2024 2D seismic data confirms the presence of multiple significant leads in the southern area of PEL 93.
Each has large interpreted structural closures, with some individual leads covering up to approximately 100 km2, exhibiting prominent vertical relief and clear hydrocarbon charge potential from source rocks beneath the prospects and in the kitchen to the north.
88 Energy says it will aim to independently validate Monitor Exploration Limited’s findings and work with the Joint Venture to integrate all available well log data, airborne geophysics, soil geochemistry, and the 2D seismic dataset.
