88 Energy Ltd. announced it has started a 2D seismic acquisition program in the Owambo Basin, onshore Namibia. The explorer holds a 20% interest in the project, in Petroleum Exploration Licence 93 (PEL 93), and it is earning its stake by funding the seismic work.
It aims to acquire around 200- linear km of 2D seismic data, with the program expected to be complete in the third quarter and data processing due to be finished in the fourth quarter.
The data captured in the program is intended to validate up to 10 known areas of interest previously identified using airborne gravity and magnetic data.
It is also expected that the program can be a precursor to the estimation of maiden prospective resources and help pinpoint potential drilling locations for future campaigns.
“Initial exploration in the Owambo Basin has focused on the shallow Karoo Play, with recent attention turning to the substantial potential of the deeper and largely untested Damara Play,” the company noted in a statement.
88 Energy has the option to earn up to a 45% stake in Owambo by funding the work detailed in its joint venture agreement.
The explorer noted that drilling is soon expected in neighboring acreage, where a “nearby operator” will drill up to four wells; the company sees this as “a significant catalyst for understanding the onshore resource potential in Namibia.”.
88 Energy is investing onshore in Namibia, following significant boosts to the country’s offshore oil and gas industry from recent discoveries.
