88 Energy Limited has been granted a 12-month extension to the First Renewal Exploration Period for Petroleum Exploration Licence 93 (PEL 93) in Namibia’s Owambo Basin, extending the expiry date to 2 October 2026.
The extension, approved by the Ministry of Mines and Energy, allows the joint venture partners, 88 Energy and Monitor Exploration, to implement a revised exploration programme known as Stage 1A.
The updated work plan, capped at N$17 million (US$1 million), will be co-funded equally by the two companies. It includes the preparation of a certified prospective resource report, the selection of drilling locations, and completion of an Environmental Impact Assessment (EIA).
Monitor Exploration said early findings were encouraging. “Our early results are pointing to something potentially significant in the southern area of PEL 93 in the Owambo Basin,” the company said.
“With multiple datasets aligning and the prospect of even larger structures emerging, the Joint Venture is building momentum towards a drilling event and what could be a basin-opening discovery with broad implications for all of Namibia.”
The revised programme also includes a high-resolution airborne gravity, magnetic and radiometric survey over the southern portion of the licence. This follows the identification of “Lead 9,” a large anticlinal structure revealed through 2024 seismic data.
The structure shows closure across multiple reservoir and source rock levels and has been identified as a high-priority drilling target.
According to Monitor, initial gravity and radiometric data suggest further large-scale leads may exist in the southeastern part of the licence area. The regional potential is further underpinned by ReconAfrica’s planned drilling of the Kavango West 1X well, which reportedly shares geological similarities with Lead 9.
88 Energy holds a 20% working interest in PEL 93 through its Namibian subsidiary Eighty Eight Energy (Namibia) Pty Ltd. Monitor Exploration, through Monitor Oil and Gas Exploration (Namibia) Pty Ltd, holds a 55% stake and serves as operator.
The remaining interests are held by Legend Oil Namibia Pty Ltd (15%) and the National Petroleum Corporation of Namibia (NAMCOR) with 10%.
Fieldwork under the new programme is expected to begin in the second half of 2025.
