• Mining
Monday, January 27, 2025
Namibia Mining & Energy: News, Trends, Oil, Gas & Hydrogen
NEWSLETTER
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
No Result
View All Result
Namibia Mining & Energy: News, Trends, Oil, Gas & Hydrogen
No Result
View All Result
Nedbank Banner in green
Home Oil & Gas

88 Energy to earn stake in Namibian onshore exploration licence

editor by editor
November 13, 2023
in Oil & Gas
4 0
A A
0
88 Energy has signed an agreement to earn a 45 stake in onshore petroleum exploration licence 93 PEL 93 in the Owambo Basin Namibia from Namibian company Monitor Oil and Gas Exploration Namibia MELN a wholly owned subsidiary of Monitor Exploration<br> <br>Under the three stage farm in agreement 88 Energys wholly owned subsidiary 88 Energy Namibia 88EN will initially make a payment of US$37 million to MELN over four instalments for a total of a 20 stake in PEL 93<br> <br>In the second stage 88 Energy will make a US$75 million payment towards the first well gross cost estimated at US$12 million to receive an additional stake of 175<br> <br>88 Energy in the third stage will have the option to fund US$75 million of the second well gross cost to earn an additional 75 stake in the licence This will bring 88 Energys aggregate stake in the licence to 45<br> <br>Covering an area of 18500km² PEL 93 comprises blocks 1717 and 1817<br> <br>MELN will receive a gross royalty of 2 of the revenues produced from the licence<br> <br>The execution of this farm in agreement with Monitor provides 88 Energy and its shareholders with a fantastic opportunity to earn a significant working interest in a very large scale highly prospective under explored acreage position on attractive and logically staged commercial terms 88 Energy Managing Director Ashley Gilbert said<br>We are very pleased to be partnering with Monitor who will provide a wealth of technical expertise and strong in country and regional exploration experience Monitor has completed a systematic historical work programme that has identified significant large scale untested prospects<br><br>The agreement is subject to Namibian Government and other regulatory approvals<br> <br>88 Energy is a dual listed oil and gas exploration and production company with a North American focus

author avatar
editor
See Full Bio
Share4Tweet3

Related Posts

NAMCOR reports major advancements in Orange Basin oil exploration
Oil & Gas

NAMCOR reports major advancements in Orange Basin oil exploration

The National Petroleum Corporation of Namibia (NAMCOR) says it has reported significant progress in its oil and gas exploration activities,...

January 25, 2025
Namibia’s Tom Alweendo named among Africa’s top energy leaders to watch in 2025
Oil & Gas

Namibia’s Tom Alweendo named among Africa’s top energy leaders to watch in 2025

Namibia's Minister of Mines and Energy, Tom Alweendo, has been recognized by the African Energy Chamber (AEC) as one of...

January 24, 2025

Recommended

Unlocking opportunities for Namibians under the National Upstream Local Content Policy

Unlocking opportunities for Namibians under the National Upstream Local Content Policy

1 month ago
Govt forecasts N$4bn revenues from Green Hydrogen

Govt forecasts N$4bn revenues from Green Hydrogen

3 years ago
Load More

Newsletter

Black transparent logo for dark mode

About Us

The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors

Categories

  • Copper
  • Diamonds
  • Energy
  • Gold
  • Green Hydrogen
  • Lithium
  • Mining
  • Namibia
  • News
  • Oil & Gas
  • Tin
  • Uranium
  • Zinc

Get in touch

Email:newsdesk@miningandenergy.com.na

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.