Monitor Exploration Ltd. (MEL), through its subsidiary Mel Oil and Gas Exploration Namibia (MELN), has entered a partnership with Exito Energy Resources to boost exploration activities within Exito’s Petroleum Exploration Licence (PEL) 105 in Namibia’s Owambo Basin.
The collaboration aims to combine the expertise and resources of both companies to unlock the hydrocarbon potential in the region.
The partnership will focus on integrating remote sensing data with existing gravity, magnetic, geochemical, and passive seismic information to gain a deeper understanding of the basin’s untapped resources.
“Exito and Monitor Exploration have agreed to work together during the Initial Exploration Period of PEL 105 to advance their exploration efforts,” according to a statement from Monitor Exploration.
During the initial phase, the companies will carry out preliminary studies to evaluate the basin’s resource potential.
If promising, further exploration activities, including 2D seismic surveys, will be conducted to identify potential drilling locations. Exito is also open to including additional partners in the next phase of exploration.
Monitor Exploration retains the option to become a direct license holder in PEL 105, further solidifying their collaboration with Exito.
Exito Energy Resources currently holds PEL 105, which covers 17,035 square kilometers in Namibian blocks 1718 and 1818.
Monitor Exploration, meanwhile, holds a 75% interest in PEL 93, covering 18,500 square kilometers in the central Owambo Basin.
MEL has conducted passive seismic surveys, remote sensing, and gas soil sampling, which indicate oil accumulations in several large structures identified through legacy data.
MEL is seeking to raise $20-30 million to finance further exploration in this promising acreage. Meanwhile, ReconAfrica recently announced successful drilling results, confirming the presence of oil and viable reservoirs in the eastern extension of the Owambo Basin, adding to the region’s growing energy potential.
