88 Energy Ltd says exploration work on its Namibian offshore portfolio is progressing following a 12-month extension to Petroleum Exploration Licence (PEL) 93, as the joint venture enters a new phase of technical de-risking in 2026.
Managing Director
said the Ministry of Industries, Mines and Energy granted an extension to the first renewal exploration period, moving the licence expiry date to October 2026 and providing additional time to refine prospectivity and mature drill-ready targets.
Gilbert said near-term work will focus on the acquisition of new geophysical data to strengthen subsurface understanding in areas where multiple structural leads have already been identified.
“A high-resolution gravity survey is planned for the first quarter of calendar year 2026, covering the southern area of PEL 93 where several structural leads have been identified,” he said.
He added that the survey is intended to support prospect ranking and reduce uncertainty ahead of future drilling decisions.
Gilbert said joint venture partner and operator Monitor Exploration will also undertake an airborne geophysical survey over PEL 93 in 2026 to acquire high-resolution magnetic and gravity data.
According to the company, the programme is expected to improve subsurface imaging, define basin geometry and identify structural features considered critical to hydrocarbon prospectivity.
“The programme will acquire high-resolution magnetic and gravity data to enhance subsurface imaging, better define basin geometry and identify structural features critical to hydrocarbon prospectivity,” Gilbert said.
He added that regional exploration activity has strengthened the investment case for PEL 93, citing positive results announced by ReconAfrica from the Kavango West 1X well in December 2025.
88 Energy said the well, located within the same Damara Fold Belt play fairway as PEL 93, confirmed hydrocarbon-bearing intervals and net pay within the Otavi carbonate sequence.
“Structural trends for the carbonate reservoir targets intersected at Kavango West 1X are interpreted to extend into PEL 93, which lies approximately 200 kilometres to the east,” Gilbert said.
The company said forward plans for the PEL 93 joint venture include defining prospective resource potential across identified leads, progressing farm-in discussions to support the next exploration phase, and preparing for future seismic acquisition and drilling.
