88 Energy Ltd. has commenced a 2D seismic acquisition program in the Owambo Basin, located onshore Namibia.
The exploration company holds a 20% interest in Petroleum Exploration Licence 93 (PEL 93) and is earning its stake by financing the seismic operations.
The program aims to acquire approximately 200 linear kilometers of 2D seismic data, with completion scheduled for the third quarter and data processing expected to conclude by the fourth quarter.
The primary objective of the seismic program is to validate up to 10 prospective areas previously identified using airborne gravity and magnetic data.
This data will also serve as a foundation for estimating initial prospective resources and identifying potential drilling locations for future exploration campaigns.
88 Energy emphasized the shift in exploration focus within the Owambo Basin from the shallow Karoo Play to the deeper and largely untested Damara Play, noting substantial potential in these areas.
Under the joint venture agreement, 88 Energy has the opportunity to increase its stake in Owambo to up to 45% by funding additional exploration activities.
Looking ahead, the company anticipates drilling activities in adjacent acreage by a neighboring operator, which could provide valuable insights into the onshore resource potential in Namibia, marking a significant development in the region’s oil and gas sector.
88 Energy’s investment in onshore exploration in Namibia follows recent advancements in the country’s offshore oil and gas industry driven by notable discoveries.
