Monitor Exploration Limited (MEL UK), a UK-based company focused on onshore hydrocarbon exploration in Namibia, has entered a strategic partnership with Somerschield, a Windhoek-based private investment firm.
Under the agreement, Somerschield will invest up to N$12.9 million (US$ 750,000) through a convertible instrument linked to a future initial public offering (IPO) or farm-out of MEL Namibia’s licence interests.
“Under the terms of the agreement, Somerschield will invest up to US$ 750,000 through a convertible instrument linked to a future initial public offering (IPO) or farm-out of MEL Namibia’s licence interests,” the company said.
The funding will support MEL Namibia’s ongoing work programme, including basin and prospectivity studies to determine the location of its first exploration well, scheduled for 2026, within Licence PEL 93 in the central Owambo Basin.
Additional funds will be used for early-stage work on the company’s newly awarded Nama Basin licence, an area noted for its favourable geology and hydrocarbon potential.
As part of the agreement, Lazz Shigwedha, Chairman of Somerschield, has joined the Board of MEL Namibia to provide strategic guidance and assist in securing funding for the planned 2026 drilling campaign in partnership with 88 Energy Ltd.
