88 Energy Limited has uncovered 10 independent structural closures with significant hydrocarbon potential in Namibia’s Owambo Basin.
This discovery follows an initial analysis of 2D seismic data within the southern region of Petroleum Exploration Licence 93 (PEL 93).
The identified closures, characterized by large structural formations—some exceeding 100 km² in size with substantial vertical relief—show promising indications of hydrocarbon charge from nearby source rocks.
Monitor Exploration Limited, the operator of PEL 93’s exploration program, recently completed the initial processing and interpretation of the seismic data.
In collaboration with Monitor, 88 Energy plans to conduct an independent review by integrating well logs, airborne geophysics, and soil geochemistry to refine the findings.
88 Energy aims to validate these discoveries and finalize a prospective resource estimate for PEL 93 by the first half of 2025, leveraging the seismic data and complementary information.
PEL 93 encompasses an 18,500 km² onshore license area that includes central blocks 1717 and 1817. Ownership is divided as follows:
- 88 Energy (via its subsidiary Eighty Eight Energy Namibia (Pty) Ltd): 20% working interest
- Monitor Exploration Limited (via Monitor Oil and Gas Exploration Namibia): 55% working interest
- Legend Oil Namibia Pty Ltd: 15% working interest
- National Petroleum Corporation of Namibia (NAMCOR): 10% working interest
Monitor leads the exploration and development operations for PEL 93.
This discovery underscores Namibia’s growing potential as a frontier for hydrocarbon exploration, positioning PEL 93 as a critical site for resource development in the region.
