88 Energy Limited says it has identified 10 independent structural closures with significant hydrocarbon potential through the initial interpretation of 2D seismic data within Petroleum Exploration Licence 93 (PEL 93) in Namibia’s Owambo Basin.
According to the oil and gas exploration company, the leads, located in the southern portion of PEL 93, are characterised by large structural formations, some spanning up to 100 square kilometers, with prominent vertical relief.
Initial findings also suggest clear indications of hydrocarbon charge from source rocks in nearby areas.
“Initial processing and interpretation of the 2D seismic data has been completed by Monitor Exploration Limited (Monitor), the operator for the exploration and development programme of PEL 93,” the company said.
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 finalise 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 1H 2025, following the internal review of Monitor’s seismic interpretation,” the company said.
PEL 93 is a vast, 18,500 km² onshore licence area comprising central licence blocks 1717 and 1817.
88 Energy, through its wholly owned subsidiary Eighty Eight Energy (Namibia) (Pty) Ltd (88EN), currently holds a 20% working interest in PEL 93.
Monitor, through its wholly owned private Namibian subsidiary, Monitor Oil and Gas Exploration (Namibia) Pty Ltd (MELN) holds a 55% working interest.
The remaining interests are held by Legend Oil Namibia Pty Ltd (15%) and the National Petroleum Corporation of Namibia Pty Ltd (NAMCOR) (10%). Monitor serves as the Operator for the exploration and development of PEL 93.
