88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has identified ten new potential exploration targets onshore Namibia.
The exploration company, in a statement, has today announced the initial results from its seismic data analysis at Petroleum Exploration Licence 93 (PEL 93) in the Owambo Basin, Namibia.
Project operator Monitor Exploration identified ten independent structural closures across the licence area, which present significant hydrocarbon potential.
Seismic data interpretation indicates leads spread across approximately 100 square kilometres.
88 Energy noted that it will now conduct an independent review of the data, and it also now expects to report a prospective resource for the project in the first half of 2025.
The company holds a 20% interest in the project, with the option to increase up to 45% by spending on exploration.