Monitor Exploration says it plans to expand its seismic campaign, covering 1500 kilometers of 2D data near Etosha National Park.
This comes as the exploration company’s latest endeavor confirmed the westerly dip on the AOI 02 structure, a pivotal revelation that aligns seamlessly with existing seismic grids in AOI 00 which hint at the prospect of untapped hydrocarbon reservoirs.
“The new 2D seismic confirmed the westerly dip on the AOI 02 structure, and connects with the existing seismic grid in AOI 00, where a distinct high is observed and additional structures are mapped,” the company said.
The company has solidified its position in Namibia’s energy landscape through a strategic partnership with 88 Energy, in a deal worth N$347 million (US$18.7 million) earning up to a 45% JV interest.
“88E to pay Monitor US$3.7M over four installments, in consideration for past costs as well as a carry of up to the first US$3 million1 of the 2024 work program which includes an ~200 line-kilometer 2D seismic acquisition, for a total of a 20% working interest in PEL 93,” said 88 Energy.
These changes have big effects, not just for Monitor Exploration but also for Namibia’s growing energy industry. There’s a big possibility of drilling the first exploratory well in 2025, which could be a turning point in finding oil and gas in Namibia.
In the last quarter of 2023, MEL received approval from the Ministry of Mines and Energy to enter the First Renewal Period (2 years) after the successful completion of the Initial Exploration Period.
“The First Renewal Exploration Period to October 2025 for our Owambo onshore licence, comes with a commitment of min. 200 km of additional 2D seismic acquisition at a minimum expenditure of US$ 2 Million for the said period.”
Mel highlighted that upon satisfying results from the seismic work, they potentially aim at drilling two wells in 2025-2026.
Monitor Exploration Limited (MEL) is a UK private exploration company, established in 2008, for onshore Oil and Gas exploration in Africa. MEL was formed by Geodynamics WorldWide, a specialist oil service company.
