88 Energy is on track to finalize a prospective resource estimate for PEL 93, located in Namibia’s onshore Owambo Basin, by the first half of 2025.
The update follows an internal review of Monitor Exploration Limited’s initial interpretation of 2D seismic data, which identified 10 significant independent structural closures.
PEL 93 spans a vast 18,500 km² and includes central licence blocks 1717 and 1817. The company plans to drill its first well in the basin by 2026, pending regulatory approvals.
Monitor Exploration Limited operates the licence, with 88 Energy holding a 20% working interest and the option to earn up to 45% non-operated interest through additional staged farm-in activities. The other partners include Legend Oil Namibia (15%) and Namcor (10%).
In October 2024, the partners acquired and processed over 200 line kilometers of 2D seismic data, meeting the First Renewal Exploration period license requirements.
Initial findings from Monitor Exploration confirmed the presence of several significant leads in PEL 93’s southern region.
These leads feature large structural closures, with some spanning up to 100 km², showing prominent vertical relief and clear hydrocarbon charge potential from source rocks located beneath the prospects and in the northern “kitchen” area.
88 Energy aims to independently validate Monitor Exploration’s findings and collaborate with the Joint Venture to integrate various data sets, including well logs, airborne geophysics, soil geochemistry, and the 2D seismic results. The ongoing efforts mark a critical step in unlocking the basin’s hydrocarbon potential.
