88 Energy Limited has identified 10 independent structural closures with hydrocarbon potential in Namibia’s Owambo Basin. The discovery follows the company’s initial analysis of 2D seismic data in the southern region of Petroleum Exploration Licence 93 (PEL 93).
This portion is characterized by large structural formations, some spanning up to 100 km², with prominent vertical relief. Initial findings also suggest clear indications of hydrocarbon charge from source rocks in nearby areas.
Monitor Exploration Limited (Monitor), the operator for PEL 93’s exploration and development program, has completed the initial processing and interpretation of the 2D seismic data, the company announced.
According to 88 Energy, it will conduct an independent review, integrating additional information, such as well logs, airborne geophysics, and soil geochemistry, now that it has received the seismic data.
The company aims to validate the findings and finalize a prospective resource estimate for PEL 93 in the first half of 2025.
“A prospective resource estimate for PEL 93 is targeted for completion in the first half of 2025, following the internal review of Monitor’s seismic interpretation,” the company notes.
PEL 93 is a vast, 18,500 km² onshore license area comprising central license blocks 1717 and 1817.
88 Energy, through its wholly owned subsidiary Eighty Eight Energy (Namibia) (Pty) Ltd, currently holds a 20% working interest in PEL 93.
Monitor, through its fully owned Namibian subsidiary, Monitor Oil and Gas Exploration (Namibia) Pty Ltd, holds a 55% working interest in PEL 93. Legend Oil Namibia Pty Ltd holds 15%, while the National Petroleum Corporation of Namibia Pty Ltd owns 10%. Monitor operates the exploration and development activities for PEL 93.
