88 Energy Limited awarded a 2D seismic data acquisition programme for its Exploration Licence 93 (PEL 93) to Polaris as the oil exploration company aims for a major oil discovery in Namibia’s Owambo Basin.
According to a release by 88 Energy, the planned programme will acquire a minimum of 200km line of low-impact 2D seismic data across PEL 93, which covers 18,500 square kilometres of underexplored terrain.
The survey is expected to begin in mid-2024 and be completed by the end of the third quarter of 2024. Processed data is anticipated by the fourth quarter of 2024.
The release further says PEL 93 holds particular promise for its potential in the deeper Damara Play, a geological formation distinct from the shallower plays that have been the focus of initial exploration in the Owambo Basin.
This play is similar to formations discovered by ReconAfrica which boast an impressive exploration success rate.
88 Energy holds a 20% working interest in PEL 93, with the option to earn up to 45% through a farm-in agreement.
The company is partnering with experienced operator Monitor Oil and Gas Exploration Namibia (MELN) which holds a 55% interest, Legend Oil Namibia at 15% and Namibia’s National Petroleum Corporation (NAMCOR) at 10%.
Results from the 2D seismic program will be combined with existing exploration data to pinpoint locations for potential future drilling campaigns.
Polaris has successfully completed 2D seismic acquisition programs regionally for Invictus Energy in Zimbabwe and also for Reconnaissance Energy Africa Ltd in Namibia.
